Analyst Predicts Pi Coin Price Crash to $0.16: Is Comeback Possible?

The hype over Pi Coin price appears to be fading among retail investors, as evidenced by its continuing downward momentum.

However, despite the gloomy performance, the Pi Network community has been actively evaluating the potential developments in the ecosystem.

Besides, speculations are also soaring about whether the token could make a comeback anytime soon.

Amid this, a market pundit predicted a potential Pi Coin price crash to $1.6, citing technical trends. However, he also noted that if the bulls reclaim the dominance, it could potentially drive the Pi Network price to a new high in the near future.

How is Pi Coin Price Performing?

Pi Network price plunged nearly 3% today, falling from the 24-hour high of $0.6577 to $0.6357 during writing. Its one-day volume also declined by more than 12% to $56 million, indicating less activity from the market participants.

Besides, CoinGlass data showed that Pi Coin Open Interest also fell more than 50% from its peak in mid-March, reflecting the waning risk-bet appetite of the traders.

Looking at the weekly chart, Pi Coin price recorded a slump of around 10%. However, despite the heavy selling pressure, Pi has added around 9% over the last 30 days, while reaching a monthly high of $1.62.

Meanwhile, the Pi Core Team has faced immense backlash from the community due to a lack of transparency.

Many believe that the absence of any major announcements from the Core Team has led to the recent slump in the asset’s value.

Amid this, a renowned analyst has evaluated the technical charts and highlighted the key price zones that investors should keep track of.

Pi Network Price at Make-or-Break Point: Is a Crash to $0.16 Imminent?

As Pi Coin price continued to move south, weslad shared a technical breakdown of the crypto’s downtrend on TradingView.

He highlighted a sharp fall from its peak at $2.96, with the token now forming a base near $0.38. This price structure suggests a descending triangle, typically viewed as a bearish pattern.

Meanwhile, Weslad explained that if Pi Coin price breaks below the $0.38 support, it could drop further to $0.16. He highlighted the $0.16 as a level where external demand may trigger a rebound.

Besides, he noted this move could complete a WXY corrective pattern, a structure seen in complex downtrends. Until then, traders might look to “play the range” while the structure matures.

However, he has also shared a likely bullish momentum for the crypto as well. According to his analysis, a breakout above the triangle’s upper trendline could flip the narrative bullish.

In that case, Pi Coin must surge to $0.92 and possibly reclaim the $3.04 zone. If momentum holds, he even sees the possibility of a long-term rally to $23.

Pi Community Eyes June 28 Update for Recovery

Amid the turbulent phase of Pi Network price, Dr Altcoin has shared some key insights on what investors might expect in the coming days.

For context, he noted that the Pi ecosystem is currently in a consolidating phase and is awaiting a major catalyst for reversal.

He noted that if Pi Core Team makes a major announcement, which is expected on Pi Day 2 on June 28, it could help in a strong recovery in Pi Coin price.

However, he noted that without any crucial update, it could continue to slip below its all-time low of $0.40.

Meanwhile, he also noted that crypto might start its recovery in August, as the token unlocks will be lower.

With less inflow into the markets, the selling pressure might subside, which in turn could help in a strong recovery in Pi Network value.

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