Pi Network Reverses Trend, Set to Test Higher Resistance Zones

• Pi Network broke out of a descending wedge and moved above $0.8028, suggesting a short-term uptrend.
• A drop below $0.7520 would invalidate the bullish setup and could trigger further downside.

In the early hours of Asian trading, Pi Network (PI) is showing a glimmer of hope after a rough week. After tumbling over 36% in the past seven days, PI Coin has now bounced back with a 17.47% gain in the last 24 hours, reaching an intraday high of $0.8495. 

At the time of writing, Pi Coin trading around $0.8071 with a market cap of $5.78 billion. While this upward move is catching the market’s attention, it’s still 72% far from its all-time high of $2.98, which was recorded back in February.

However, the recent price uptick is sparking renewed excitement, as some traders believe a repeated rally pattern might be forming again. Trading volume has seen a notable jump too, over $311 million in the past 24 hours, marking a 79% increase. This suggests that traders are showing renewed interest in the token, possibly anticipating a trend reversal.

Pi Network Technical Indicators Support Uptrend

Technically, Pi Coin is flashing some bullish signals . On the 4-hour chart, it broke out of a descending wedge pattern — often considered a reversal setup. It also moved above the key 0.618 Fibonacci retracement level at $0.8028.  The breakout suggests the end of a consolidation phase and the beginning of a short-term uptrend. 

Pi Coin Price Chart (Source: TradingView )

Right now, the price is hovering near $0.8121 and targeting for the next resistance at $0.8750. Zooming in, the RSI (Relative Strength Index) is at 56.96, showing healthy buying activity without hitting overbought levels, while the MACD has flipped bullish with a positive crossover and rising histogram. If the momentum continues, Pi Coin might climb toward $0.9670 or even $1.23. However, if it drops below $0.7520, would invalidate the bullish setup.

Pi Network Faces Setbacks Over Transparency

Despite the encouraging price action, several roadblocks remain for Pi Network. One major issue is that many users still haven’t been able to access their tokens. This problem started when the mainnet launched in February, but KYC verification delays have kept coins locked for a significant portion of the community — especially the early adopters. 

Another concern is Pi Coin’s absence from top-tier exchanges like Binance and Coinbase. The lack of presence on larger exchanges has limited liquidity and reduced overall trust in the project.

Adding fuel to the fire are growing doubts about transparency within the Core Team. Influential crypto commentator Dr. Altcoin has raised red flags about the team’s handling of wallets, claiming they control over 10,000 wallets, but only a handful are publicly visible. He also alleges that roughly 700 million Pi coins may have been quietly sold over the past few months.

Further on-chain data from PiScan shows that the Pi Foundation withdrew around 15 million PI tokens in just the last 24 hours, leaving about 25 million Pi Coins still held in one of its wallets, worth over $18 million. These activities have stirred fears of insider selling and lack of clarity, especially after a price pump during a recent event announcement was followed by another alleged sell-off.