After a sharp drop of over 60% since May, the Pi Network project is attracting attention due to a potential price reversal and key events within the ecosystem.
Price Fluctuations and Technical Signals
The Pi Network price fell to $0.5370 on June 21, down from a peak of $1.6675 before the Consensus event in Toronto. Technical indicators suggest a potential reversal:
- The MACD indicates low volatility, which may symbolize an accumulation phase; - The tightening of Donchian bands also indicates a compact market ready for a sharp breakout; - A figure in 'bearish compression' is observed on the eight-hour chart, often interpreted as a bullish signal.
If the price dips below $0.3940, this could refute the bullish scenario.
Events Impacting the Pi Network Market
A key event will be Pi Day 2, scheduled for June 28, which may accelerate interest in the project. Additionally, this date coincides with the closing of .pi domain auctions, where over 3 million bids have been recorded, reflecting real community interest. Developers have also announced various projects, including the FruityPi app, showcasing practical applications of the infrastructure.
Macroeconomic Context and Its Impact
The macroeconomic context may also support a recovery in the cryptocurrency market. Federal Reserve Governor Christopher Waller stated that the Fed could consider cutting interest rates as early as July, which generates optimism among investors in risk assets. Although the Pi Network does not yet have an official listing on major exchanges, positive news could bolster its status.
The situation with the Pi Network remains uncertain, but the emergence of technical signals and upcoming events creates conditions for a potential reversal. However, the project must address challenges related to institutional recognition and its ability to fulfill its promises.
