The price of Pi Network is looking for a robust recovery as an uncommon pattern develops.
The significant drop in Pi Coin since May shows a decrease in excitement and liquidity after its mainnet launch, but technical indicators and forthcoming events indicate a possible turnaround.
With the reduction of volatility and price consolidation within a typical bullish wedge pattern, momentum could reemerge before Pi Day 2 on June 28 and amid the ongoing excitement of domain auctions.
Although risks persist, a potential rebound is quietly being prepared for, driven by both chart signals and new developments in the ecosystem.
Technicals point to a Pi Network price comeback
Yes, Pi Coin (PI) has entered a deep bear market, falling more than 60% from its peak in May. As of Saturday, June 21, it had dropped to $0.5370, with 24-hour trading volume declining sharply to $74 million—down from a high of $3 billion following its mainnet launch in February.
On the eight-hour chart, Pi Coin reached a high of $1.6675 in May, driven by investor anticipation of key ecosystem updates expected during the Consensus event in Toronto.
However, the price tumbled shortly afterward, following the announcement of Pi Network Ventures—a $100 million fund aimed at backing startups.
Technical indicators reflect this downtrend. The MACD continues to decline, indicating a lack of momentum and volatility. Similarly, the Donchian Channels have tightened, reinforcing the view of reduced market activity.
Periods of low volatility like this are often associated with investor accumulation, which can precede a bullish breakout.
The price of Pi Network has created a falling wedge pattern made up of two descending and converging trendlines. A falling wedge often indicates a strong bullish reversal.
This wedge’s two lines have converged, indicating that the coin could experience a strong bullish breakout in the coming weeks. Should this occur, the next possible target to monitor will be $1, roughly 85% higher than the current level.
If Pi Coin’s price drops below the key support level of $0.3940, which is its lowest point this month, the bullish forecast will be invalidated.
Pi Day 2 could be a catalyst
Pi Network has several potential catalysts that could drive its price higher over the long term. One such event is the upcoming Pi Day 2 celebration on June 28, also known as Tau Day—a lesser-known counterpart to the traditional Pi Day on March 14. This date coincides with the conclusion of the .pi domain auction, which has seen strong interest with over 123,000 active participants and more than 3 million total bids.
Another growth driver is the expanding Pi Network ecosystem. Developers have highlighted several new applications on the platform, including FruityPi, a fruit-matching game that showcases ongoing innovation within the community.
Additionally, macroeconomic factors could play a role. A potential shift in U.S. monetary policy may boost the broader crypto market. On Friday, Federal Reserve Governor Christopher Waller indicated that the Fed could begin cutting interest rates as early as July—a move that may benefit cryptocurrencies like Bitcoin and potentially Pi Coin as well.