- The Pi Network Coin has faced a significant drop below the $0.86 support level, currently trading around $0.78, due to uncertainty surrounding its mainnet launch, exchange listings, and upcoming token unlocks.
- However, technical indicators like the descending wedge pattern and oversold RSI levels suggest a potential bullish reversal, with analysts divided on whether the price will recover or decline further.
The Pi Network Coin (PI) has experienced a sharp decline since its peak on February 26, causing concern among investors. Recently, the PI Coin price fell below the critical $0.86 support level, and as of now, it is trading around $0.78. This decline has raised questions about the cryptocurrency’s future, with some analysts predicting a potential rebound.
Market Sentiment and Sell Restrictions Weighing Down PI
One of the major factors affecting the Pi Network Coin is the uncertainty surrounding its mainnet launch and exchange listings. Although the mainnet is live, the absence of a Binance listing and concerns over regulatory and transparency issues have dampened investor sentiment. Upcoming token unlocks, with over 97 million PI tokens set to be unlocked in the next 30 days, could further pressure the price. However, the recent reduction in daily unlock rates may offer long-term stability.
Descending Wedge Pattern Hints at Possible Recovery
Despite the recent downturn, technical indicators suggest a potential bullish reversal. The Pi Network Coin is currently trading within a descending wedge pattern, often seen as a precursor to a breakout. If the price can hold above the $0.70 support level, a significant recovery may follow.
The Relative Strength Index (RSI) has dropped to 24.57 on the 4-hour chart, indicating that the PI Coin is deeply oversold. Historically, such levels have preceded strong rebounds. A breakout from the wedge pattern could see prices rise to key resistance levels of $1.40 and $1.75.
Analysts Divided on PI Coin’s Future
Market experts remain split on Pi Network Coin’s outlook. Some believe the price could dip further to $0.65 or $0.60 before finding solid support. Others, like crypto analyst Coinvo, suggest a sharp recovery is possible if a rare three-drive pattern materializes, potentially driving the price to $3—an impressive 200% surge.
The Pi Network Coin’s future depends on several factors, including exchange listings, regulatory clarity, and the success of upcoming token unlocks. A major listing or token burn announcement could trigger a surge in value. Until then, investors will watch support and resistance levels closely.
While the current trend is bearish, historical patterns suggest the possibility of a strong recovery if buying pressure returns.