- PI nears critical breakout as falling wedge pattern tightens ahead of major June 28 events, signaling possible bullish momentum.
- Despite a 62% drop from May highs, $PI holds strong at key support with rising volume and a tightening bullish wedge formation.
- Technicals align with upcoming catalysts as $PI consolidates near $0.53, suggesting an imminent move toward the $1.00 mark.
Pi Network’s native token, $PI, trades near $0.53025 amid mounting volatility and a potential bullish reversal. Despite a recent 2.6% intraday drop, technical indicators suggest that PI may soon break out. A falling wedge formation has developed on the 12-hour chart, a pattern commonly signaling bullish reversals. Additionally, excitement is growing for two impending catalysts: a.pi domain sale and the June 28 “Pi Day 2” event. These changes may rekindle investor zeal and raise prices.
A high of $0.54576 and a low of $0.52580 are the current trading ranges. There is still vigorous trading, with 25.44 million PI tokens traded, worth $13.66 million. After a strong surge to $1.40 in early May, the price activity shows a further decline.This peak is the highest point in recent sessions, driven by aggressive bullish momentum and strong volume support.
Falling Wedge Formation Hints at Reversal
Following the early May surge, PI entered a pronounced correction phase. Prices retraced approximately 62% from their peak, aligning with common crypto market behavior post-breakout. The falling wedge now presents a tightening price range defined by descending resistance and rising support lines. Each rejection along the wedge’s top trendline confirmed the downtrend. However, each new low has shown decreasing momentum.
Source: Joe Swanson
Moreover, recent candlestick formations reflect indecision, with alternating green and red bars signaling consolidation. The price now hovers near $0.53000 support. This zone has held strong through recent selling pressure, highlighting buyer interest at lower levels.
June 28 Events Could Fuel Momentum
Besides technical signals, external catalysts could trigger the next move. The Pi Day 2 celebration and the much-anticipated .pi domain auction on June 28 may enhance bullish sentiment. Historically, such events have attracted community engagement and market speculation.
Consequently, traders now closely watch for confirmation of a breakout above the wedge’s upper resistance. Additionally, volume remains elevated above pre-rally levels, showing that market participants are still active. Hence, a confirmed breakout could send PI targeting the $1.00 level once again.
