The Pi Network (PI) Coin Price Bounces From Key Support, Eyes $1 Retest

The Pi Network price suffered a dramatic fall following its May 12 peak at $1.67. This drop erased much of the bullish progress triggered earlier by Binance listing rumors and optimism

The price of Pi (PI) has bounced from a key support level and is showing signs of technical strength as it approaches the psychological $1 mark.

The recent recovery in the Pi Network (PI) price has sparked interest among investors and traders as it bounces from a crucial support zone and shows promise of a retest of the $1 mark.

However, despite this recovery, the Pi token faces several challenges that could hinder its ability to sustain any gains.

As the dust settles on a steep price decline that saw the Pi Network token fall dramatically from its May 12 peak of $1.67, new on-chain data and technical analysis reveals that the cryptocurrency has found support.

According to crypto analytics firm, ATOMIC, the drop wiped out most of the bullish progress that was sparked earlier by Binance listing rumors and optimism around the Pi mainnet rollout.

According to on-chain data aggregator CoinGecko, PI hit a low of $0.66 before buyers stepped in. At the time of writing, Pi Network Coin was trading at around $0.79, up 7.18% in the last 24 hours.

This recovery occurred close to a former resistance-turned-support zone at $0.75.

“The bounce at $0.66 was critical since it prevented a breakdown from the $0.75 horizontal support area,” said analyst Valdrin Tahiri.

This technical support ultimately held, leading to a shift in market sentiment.

The Relative Strength Index (RSI) also provides a mixed outlook, hovering near 51. This level typically indicates a neutral trend, but if the RSI manages to rise above 50, it could signal increasing bullish momentum.

After falling to lows of $0.70, the Pi crypto price has surged over 20% from its recent bottom to reach around $0.80.

As the dust settles on a steep price decline that saw the Pi Network token fall dramatically from its May 12 peak of $1.67, new on-chain data and technical analysis reveals that the cryptocurrency has found support.

According to crypto analytics firm, ATOMIC, the drop wiped out most of the bullish progress that was sparked earlier by Binance listing rumors and optimism around the Pi mainnet rollout.

According to on-chain data aggregator CoinGecko, PI hit a low of $0.66 before buyers stepped in. At the time of writing, Pi Network Coin was trading at around $0.79, up 7.18% in the last 24 hours.

Importantly, this recovery occurred close to a former resistance-turned-support zone at $0.75.

“The bounce at $0.66 was critical since it prevented a breakdown from the $0.75 horizontal support area,” said analyst Valdrin Tahiri.

This technical support ultimately held, leading to a shift in market sentiment.

The Relative Strength Index (RSI) also provides a mixed outlook, hovering near 51. This level typically indicates a neutral trend, but if the RSI manages to rise above 50, it could signal increasing bullish momentum.

After falling to lows of $0.70, the Pi crypto price has surged over 20% from its recent bottom to reach around $0.80.

According to an analysis by Duo Nine, the recent price action saw a triple bottom pattern form, which eventually led to a bounce from the Fib support.

The crypto analyst explained that the key resistance zones to watch are $0.84 and $0.88. If the token manages to break out of these levels, it could confirm a legitimate bullish reversal.

“If successful, then PI has a good shot at hitting $1 again,” added Duo Nine.

Furthermore, the MACD has yet to confirm a bullish crossover, and short-term moving averages like the 10-day EMA continue to flash sell signals. This suggests a cautious, rather than euphoric, outlook for the PI Coin market in the near term.

As for trading volume, there has been a slight recovery, with 24-hour trading volume for PI increasing to $221 million.

This modest uptick follows a period of sharp decline after PI’s early May rally. While the rebound in volume is promising, it remains lower than the levels seen during its surge to $1.67.

Despite the bounce, some market watchers remain skeptical. “The decline invalidated several bullish wave counts,” said Tahiri, referencing Elliott Wave analysis that now paints a less clear picture for future price action.

Adding to concerns are ongoing issues within the Pi Network ecosystem itself. The project’s February mainnet launch was expected to unlock token access for millions of early adopters.

However, delays in KYC (Know Your Customer) processes have left many unable to transfer or sell