Pi Network (PI) Price Outlook: Bullish Reversal Potential After Steep Drop

Key Takeaways

• Pi Network (PI) has fallen by 73% since Feb. 26.
• PI is approaching its all-time low price of $0.67.
• Will PI crash to new lows or is a bounce in the cards?
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PI Network’s heavily delayed mainnet launch was disappointing regarding the price action since PI fell almost immediately after launch.

While the price mounted a rally a few days later, reaching a new all-time high on Feb. 26, it failed to maintain it, falling over 70%.

PI is approaching a make-or-break support level that can determine if the price will fall to a new all-time low or begin a recovery. Let’s look at the charts and see which is more likely.

PI Price Falls

The 12-hour chart shows PI has decreased inside a descending wedge pattern since its all-time high of $3 on Feb. 26.

The descending wedge is considered a bullish pattern, which usually leads to breakouts. Pi Network’s price is approaching the end of the pattern, so a decisive movement outside of it is likely soon.

The wedge’s support trend line also coincides with the $0.70 horizontal support area, suggesting a strong bounce is likely once it reaches that area.

However, technical indicators do not align with this positive price action and breakout possibility.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling, and neither has generated bullish divergences.

So, based on the 12-hour time frame readings, it is unclear if Pi Network’s price will break out from the wedge or breakdown below the $0.65 support.

PI Correction Over?

The Pi Network wave count aligns with the price action, suggesting the correction will end soon.

According to the count, PI completed a five-wave upward movement (green) and is finishing an A-B-C correction (red). The sub-wave count is in black.

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Giving waves A and C the same length leads to a low of $0.60, slightly below the $0.65 horizontal support area.

This would also take the Pi Network price to the support trend line of a short-term descending wedge.

The sub-wave count supports this prediction since it suggests PI is completing wave C’s fifth and final sub-wave.

If accurate, the count would have major bullish implications for the PI price since it would suggest that the long-term trend is still bullish.

So, after the PI price breaks out, it is expected to reach at least the $1.40 resistance and possibly move to $1.75. A close above the latter would open the door for a new all-time high.

Bounce Incoming

The PI price has trended downward since Feb. 26, losing over 70% of its value and nearing its all-time low.

However, PI trades inside a long- and short-term bullish pattern, a breakout from which can trigger a rally.

If Pi Network confirms the reversal with a breakout, the price could increase to the next closest resistance at $1.40 and possibly $1.75.