Pi Coin (PI) has experienced a significant downturn, dropping 7.4% in the last 24 hours to trade at $0.354. This decline pushed the cryptocurrency below the critical $0.362 support level, raising concerns about its near-term stability. Technical indicators are flashing bearish signals, with the Relative Strength Index (RSI) showing a sharp decline and the Moving Average Convergence Divergence (MACD) approaching a bearish crossover.
The token now hovers just above local support at $0.344. A break below this level could see PI test its all-time low of $0.322, representing an additional 8.9% decline from current prices. The RSI has not yet reached the oversold threshold of 30.0, suggesting that a reversal may not be imminent despite the substantial price drop.
Despite the bearish short-term outlook, technical analysis reveals a falling wedge pattern on longer timeframes, which often precedes bullish breakouts. The pattern suggests potential upside targets at $1.0000 (165% gain) or even $1.6640 (328% gain) if a breakout occurs. PI has crashed from a high of $2.9935 in February and attempted a recovery in May to $1.6640 following the announcement of a $100 million Pi Network Ventures investment fund.
Potential catalysts for recovery include major exchange listings (such as Binance, Upbit, or Coinbase) and token burn announcements, though industry commentator Dr. Altcoin expressed skepticism about an imminent Binance listing, noting concerns about the Pi Core Team's transparency regarding its Open Mainnet.