Pi Coin Eyes Potential Reversal After 70% Slide, Chart Pattern and Upcoming Event Hint at Rebound

After peaking near $1.67 in mid-May, Pi Network’s price has been stuck in a sharp downward spiral, recently touching a critical support zone around $0.50.

This marks a staggering 70% drop in just over a month. But as technical signals start aligning and a key community event approaches, the tide may be preparing to turn for Pi Coin.

Market participants are watching a potentially bullish chart structure that has formed during this steep correction. The asset appears to be locked within a falling wedge pattern—a setup often associated with trend reversals. The upper boundary of the wedge traces lower highs from mid-March, while the lower boundary connects consecutive lows since May, and the two lines are gradually converging. A breakout from this structure could propel Pi Coin toward a target near $0.80, according to pattern projections, offering a possible 56% upside from current levels.

However, any break beneath the wedge support could nullify the bullish thesis and send prices further down, traders warn.

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Adding to the optimism is a significant drop in volatility indicators. Both Bollinger Bands and the Average True Range (ATR) have narrowed noticeably, signaling reduced price fluctuations. Typically, periods of low volatility are followed by sharp directional moves, and with Pi Coin’s Relative Strength Index (RSI) sitting in oversold territory, the setup leans toward a breakout rather than another breakdown.

Beyond technical factors, sentiment may also receive a jolt from the upcoming celebration of “Tau Day” on June 28—a date known as Pi Day 2 in the project’s ecosystem. Though not as prominent as the original Pi Day on March 14, this occasion has historically seen announcements or product updates from the Pi Core Team. This year’s event coincides with the conclusion of the .pi domain name auctions, potentially laying the groundwork for renewed community engagement and market attention.

In the bigger picture, Pi Coin’s downturn has mirrored broader weakness in the crypto market. Bitcoin briefly fell under the $100,000 mark before stabilizing, dragging down altcoins across the board. Yet for Pi Coin, a convergence of technical, volatility, and event-driven catalysts may be setting the stage for a turnaround—if bulls can regain control before key support levels give out.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.