Pi Network Shows Technical Signs of a Potential Reversal

Crypto: Pi Network Shows Technical Signs of a Potential Reversal.

While the crypto market hesitates on which direction to take, Pi Network captures attention at a pivotal moment. After a spectacular rally followed by a marked drop, the project now intrigues due to a rarely observed technical configuration: a descending wedge, often seen as a harbinger of reversal. This signal, combined with intense community news, places the PI token at the heart of speculation about a possible rebound.

The Pi Network price has collapsed by more than 60% since May, reaching $0.5370 on June 21.

Despite this drop, technical indicators suggest a possible bullish reversal.

Trading volume has collapsed, but this low volatility could indicate an accumulation phase.

The macroeconomic context, marked by a possible Fed rate cut, could favor a market recovery.

Indicators signal a potential reversal

While crypto is going through an unstable period, the Pi Network price has recorded a sharp drop of more than 60% since May, falling to $0.5370 on June 21, compared to a peak of $1.6675 reached when speculation around the ecosystem was at its height, just before the Consensus event in Toronto.

This bullish phase was fueled by “the anticipation of major announcements related to the ecosystem”. However, the hype quickly fizzled with the reveal of the launch of the Pi Network Ventures fund, endowed with 100 million dollars, whose immediate impact on the price was disappointing.

Moreover, we also observe the drop in trading volume on Saturday, June 21, to $74 million over 24 hours, compared to a peak of $3 billion last February after its launch. Yet, technical signals suggest a possible reversal, and several key elements deserve to be highlighted:

The MACD continues its decline, signaling low volatility, often interpreted as an accumulation phase.