The price of Pi Coin has exhibited a significant decline since reaching peak levels in May, however technical indicators and upcoming events may indicate potential for recovery.
Technical Analysis of Pi Coin
Pi Coin experienced a steep drop, falling over 60% from its May high, reaching $0.5370. The trading volume dropped from $3 billion to $74 million. The chart shows that Pi Coin peaked at $1.6675 in May but began to decline following the announcement of Pi Network Ventures, a $100 million fund for startup investments. Low volatility in the charts may suggest accumulation among investors, often preceding a bullish breakout.
Potential Catalysts for Growth
Among potential catalysts for Pi Coin's rise is Pi Day 2, taking place on June 28. This will coincide with the end of the .pi domain auction, which has seen over 123,000 active bids. The ongoing ecosystem growth, including the launch of applications such as FruityPi, may also increase interest in Pi Coin.
Risks Associated with Recovery
Despite the potential catalysts, risks remain. Recovery forecasts may be threatened if the price drops below the crucial support level of $0.3940. The economic situation, including potential actions by the Federal Reserve to cut interest rates, is also a significant factor to consider.
With low volatility and upcoming events, Pi Coin may be on the verge of recovery. However, it is crucial to account for risks that could impact the price.
