Time to Rally or Dead Cat Bounce?

Attention has shifted to Pi2Day, which could act as a catalyst for a major price increase.

Even with the ongoing controversy surrounding Pi Network, its native token PI continues to attract attention and is regularly featured in price forecasts.

The asset has finally staged a rebound, and it will be interesting to see whether this proves to be only a temporary surge followed by a renewed pullback, or the beginning of a more meaningful rally.

What’s Next?

Earlier in June, the broader crypto market collapsed, and PI was not an exception. Its valuation hit a new all-time low of $0.12, while its market capitalization briefly fell below $1.3 billion. The past two weeks saw a slight recovery, with PI spiking by roughly 6% to its current level of $0.135 (per CoinGecko’s data).

Still, several market observers caution this might not be cause for celebration. X user Crypto With Gopal spotted the formation of a classic “head and shoulders pattern” on PI’s price chart: a bearish structure which suggests that a correction could be on the horizon. At the same time, the analyst claimed that buyers are fighting to defend the neckline “aggressively and bulls are trying to reclaim momentum.”

“Market psychology shows sellers losing strength as the right shoulder develops,” they added.

Another prediction came from the X account Pi Network News, which noted PI’s bounce from the $0.13 support level and claimed that $0.14 remains “a key sell wall.” They argued that bulls need Bitcoin (BTC) to hold above $60,000 so PI can benefit, too.

“Next resistance: $0.15–$0.155 if momentum builds,” the analysis reads.

Now let’s examine some important technical indicators that could provide clues about PI’s next move. First on the list is the token’s Relative Strength Index (RSI), which has dropped to around 7 on a monthly scale. This means it has entered deep into oversold territory, increasing the chance of a decisive rebound. The technical analysis tool ranges from 0 to 100, and anything above 70 is interpreted as a warning of an incoming pullback.

The upcoming token unlocks also strengthen the bullish outlook. Around 127.5 million coins will be released over the next 30 days, averaging approximately 4.2 million per day. This is far less aggressive than what we observed in the previous months and could pave the way for price stabilization.

Awaiting This Date

PI is a highly speculative cryptocurrency that relies heavily on groundbreaking announcements and major updates. That is why many Pioneers are perhaps eagerly expecting Pi2Day: a symbolic date for the community celebrated annually on June 28.

Speculation is mounting that the Core Team might disclose something big on that day, including a listing on Binance, which could trigger a major price jump. As of the moment, though, it is all just rumors, so it’s sensible to approach expectations with caution.