Can Pi Network break free from an 87% fall? Technical Analysis suggests a possible 154% Rebound.

Since the Mainnet launched in February, the price of Pi Network (PI) has been on a continuous fall, plummeting 87% from its yearly high, and the aura of being considered "one of the most followed crypto assets" has gradually dimmed. However, the latest Technical Analysis indicates that Pi may be brewing a strong rebound, targeting the psychological barrier of 1 dollar, with a potential increase of up to 154%.

Pi Network price showing technical reversal signal

(Source: Trading View)

According to Crypto News, the Pi coin has formed multiple bullish patterns on the 12-hour chart:

Double Bottom Pattern: Two lows are at $0.40, with the neckline at $1.6640 (the high in May this year). If the neckline is broken, the theoretical gain could be substantial.

Falling Wedge: Formed by two converging descending trend lines, it often triggers a bullish breakout as it approaches the intersection.

Bollinger Bands Narrowing: The distance between the three Bollinger Bands is decreasing, which usually indicates an impending directional breakout.

Regarding technical indicators, the RSI has rebounded from the oversold zone of 19.7 to 52, and the Percentage Price Oscillator (PPO) has shown a bullish crossover and continues to rise. According to Wyckoff theory, PI is currently likely in the "accumulation phase," with low trading volume and price consolidation, building momentum for a subsequent rise.

Potential Rebound Target: 1 USD

If the PI coin successfully breaks through the neck line of 1.6640 USD, it is expected to challenge the psychological barrier of 1 USD in the short term, which would mean a rebound of approximately 154% from the current level of 0.3985 USD.

The combination of technical analysis and market sentiment gives this target a certain feasibility, but whether it can be achieved still depends on the cooperation of external catalysts.

Three Major Catalysts Driving the Rebound of Pi

* Crypto Assets market overall Rebound

Bitcoin (BTC) has approached its historical high, and if it breaks through, it will boost overall market sentiment. The arrival of altcoin season may simultaneously drive up the price of PI.

* New Round of CEX Listing

Historical experience shows that tokens often experience significant pump after being listed on large centralized exchanges (CEX). For example, Floki skyrocketed after being listed on Robinhood, and TOSHI and Worldcoin (WLD) also saw big dump after being listed on CEX. If Pi can gain more support from exchanges, liquidity and exposure will increase simultaneously.

* Decentralization and Token Sale Plan

If the development team introduces more decentralized measures and announces a token sale and burn plan, it will help improve the token supply and demand structure and alleviate selling pressure.

Risks and Challenges

Despite the bullish technical analysis, Pi still faces challenges such as insufficient liquidity, limited exchange coverage, and controversy over the token economic model. Without substantial positive news, the technical formation may fail, and the rebound space will be limited.

Conclusion

Pi Network has fallen 87% from its yearly high and is now standing at a potential reversal key point. Technical analysis indicates a rebound potential of 154%, but whether this can come true will depend on market sentiment, exchange listing progress, and the project team's strategic actions. For investors, this may be a high-risk, high-reward gambling moment. For more real-time market data and in-depth analysis, please follow the official Gate platform.