Pi Network Aiming for a Strong Recovery as a Rare Model Forms

The significant fall of Pi Coin since May reflects the decline of hype and liquidity after the mainnet launch, but technical patterns and upcoming events suggest a potential reversal. When the volatility subsides and prices stabilize in a classic ascending wedge pattern, the uptrend may return before Pi Day 2 on June 28, and excitement is building during the domain auction. Although the risks remain, the context is quietly being set for recovery thanks to both chart signals and new developments in the ecosystem. Technical indicators suggest that the price of Pi Network will return. Indeed, Pi Coin ( PI ) has fallen sharply into a bear market after dropping more than 60% from its peak in May. It decreased to $0.5370 on Saturday, June 21, with 24-hour trading volume falling to $74 million from a peak of $3 billion after the mainnet launch in February. The eight-hour chart shows that the price of Pi Coin has risen to a high of $1.6675 in May. This increase occurred as investors awaited news about the promised ecosystem at the Consensus event in Toronto. Then, the price fell sharply as developers launched Pi Network Ventures, a $100 million fund to invest in startups. The chart shows that the MACD indicator continues to fall, a sign that it is not volatile. Similarly, the three lines of the Donchian Channel have narrowed, which is also a sign that they are not volatile. A low volatility period is often a sign of accumulation by investors, leading to a price breakout. The price of Pi Network has formed a descending wedge pattern, consisting of two converging downward trend lines. A descending wedge is often a sign of a bullish reversal. The two lines of this wedge have narrowed, meaning that this coin could experience a strong rally in the coming weeks. If this happens, the next potential target to watch will be 1 dollar, approximately 85% higher than the current level. The forecast for Pi Coin's price increase will be invalidated if the price falls below the important support level of 0.3940 dollars, the lowest point this month.

Pi 2 Day may be a catalyst Pi Network has some potential catalysts that could push it higher in the long term. For example, it could gain traction ahead of the Pi Day 2 celebration on June 28. Also known as Tau Day, this is an alternative to Pi Day on March 14. This celebration will take place on the same day the .pi domain auction ends. Pi Domains has over 123,000 active bids and more than 3 million bids throughout the auction. Another potential catalyst for the price of Pi is the continuous growth of the ecosystem. In a note, developers have cited several applications that have launched on the network, including FruityPi, a fruit matching game. Pi Network may also recover as the rate of fall by the Federal Reserve increases. In a statement on Friday, Fed Governor Christopher Waller said the bank could cut interest rates as early as July, which could benefit Bitcoin and other cryptocurrencies.