Pi Coin Nears Potential Reversal Following 70% Drop, Technicals Suggest Bullish Setup

Pi Network's cryptocurrency has dropped 70% from its mid-May peak of $1.67, now testing critical support at $0.50. The sharp decline may be approaching exhaustion as technical indicators show signs of a potential reversal.

A falling wedge pattern—a classic bullish reversal signal—has formed on the charts. The converging trendlines indicate weakening downward momentum, with a breakout potentially targeting $0.80. Such a move WOULD mark a 56% recovery from current levels.

Market analysts highlight decreasing volatility, reflected in tightening Bollinger Bands and Average True Range (ATR) readings. These conditions often precede significant price movements. An upcoming community event could provide fundamental catalysts to complement the technical setup.

Risk remains for bears—a breakdown below wedge support could accelerate losses. Traders are awaiting confirmation of either reversal or continuation patterns before taking substantial positions.