Pi Coin Pulls Back 31% Amid Profit-Taking, But Elliott Wave Hints at Bullish Rebound
Pi Network’s native token (PI) dropped 31% to $1.1475 after peaking at $1.6638 earlier this week, reducing its market cap to $8 billion. This correction positions PI as the 19th-largest cryptocurrency by market valuation.
Technical analysts highlight the Elliott Wave pattern indicating this dip may be short-lived. The eight-hour chart reveals Pi had rallied 200% from its monthly low of $0.5572 before the current pullback. Wave theory suggests this retracement is likely a standard corrective phase within a larger upward trend.
Market experts attribute the volatility to normal profit-taking following rapid gains. The next few trading sessions will determine whether buyers re-enter the market to confirm the Elliott Wave forecast of renewed upside momentum.
