The price of the PI token has dropped more than 60% from its peak in May. On Saturday, June 21, it fell to $0.5370, and its 24-hour trading volume decreased to $74 million compared to the February peak of $3 billion. However, technical indicators on the PI chart suggest that the cryptocurrency is ready for a recovery.
Currently, the price of Pi Network has formed a pattern known as a 'falling wedge', consisting of two descending and ascending trend lines. A 'falling wedge' is often a sign of a reversal towards growth. The two lines of this wedge have narrowed, indicating that in the coming weeks the coin could make a strong bullish breakout. If this occurs, the next potential target will be the $1 level, which is approximately 85% higher than the current level. However, the bullish forecast for the price of Pi will be invalid if it drops below the key support level at $0.3940, the lowest point this month. Pi Network also has several potential catalysts that could push it towards growth in the long term. For example, it could gain momentum ahead of the Pi Day-2 celebration on June 28. This day serves as an alternative to the main Pi Day, which is celebrated on March 14. This celebration coincides with the end of the .pi domain auction. Over 120,000 active applications and more than 3 million applications in total were submitted for the Pi domain auction.