Pi Network Price Prediction: Is a Reversal in Sight?

The Pi Network coin has experienced limited movement over the past few days, consolidating around the $0.60 mark. This stagnation follows a sharp decline of nearly 80% from its post-mainnet high, raising concerns about the token’s long-term sustainability and market confidence.

Recent Performance and Technical Outlook

On the 8-hour chart, Pi Coin reached a peak of $3 shortly after its mainnet launch in February. However, this initial momentum quickly reversed, pushing the token into a prolonged bearish trend, ultimately bottoming out at around $0.6250.

During this decline, the price action formed a falling wedge—a bullish reversal pattern characterized by two descending, converging trendlines. True to form, Pi Coin recently broke out of this wedge, rallying up to $0.7860—an impressive 100% gain from its monthly low. Nevertheless, this surge was short-lived, with strong resistance at $0.7860 pushing the price back down to current levels near $0.6250.

Adding to the bearish sentiment, a head and shoulders pattern has emerged, and the price is currently trading below the 50-period moving average. These indicators suggest a potential continuation of the downtrend, with sellers possibly aiming to retest the monthly low of $0.40.

Potential Rebound?

Despite the bearish outlook, there’s a glimmer of optimism. Pi Coin has formed a double bottom at around $0.6040—a pattern often seen as a bullish reversal signal. If this level holds, we could see a rebound toward the psychologically significant $1.00 resistance.

Conclusion

While Pi Coin’s technical indicators currently favor a bearish continuation, the double bottom pattern presents a compelling case for a potential recovery. Traders should watch the $0.6040 support closely, as a break below could accelerate losses, whereas a strong bounce might reignite bullish momentum.

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