Pi Network's price surged over 11% in 24 hours, approaching the $0.10 mark with a daily trading volume exceeding $42 million and a market cap around $1.08 billion. Despite this rebound, the token remains entrenched in a broader downtrend, down more than 26% over the last 30 days and roughly 78% year-to-date.
Price Action and Market Dynamics
The token traded between $0.0883 and $0.1019 on July 20, following a sharp low of $0.070979 on July 14. Earlier rallies have struggled to sustain gains, as seen in March when Pi climbed near $0.30 before dropping over 38%. The cryptocurrency’s ability to reclaim and maintain above $0.12 is critical for confirming upward momentum beyond this recent bounce.
Technical indicators depict a mixed picture. The Relative Strength Index (RSI) improved from oversold territory, currently near 47.66 but still below the neutral 50 level. Meanwhile, the MACD shows signs of early recovery. These signals suggest easing selling pressure, but a definitive shift to bullish momentum has yet to materialize.
Technical Patterns and Upcoming Protocol Update
Pi Network is forming a falling wedge pattern after enduring months of lower highs and lows. Analyst Crypto With Gopal notes this compression towards the wedge’s apex often precedes a bullish breakout if supported by increased volume and a move above resistance levels.
The anticipated upgrade to Protocol version 25, scheduled for July 22 and confirmed by the Pi Core Team, adds to cautious optimism about the token’s near-term prospects. However, ongoing token unlocks continue to put pressure on demand, tempering the rally’s strength.
For traders, this rise remains an attempt at recovery rather than a confirmed reversal. Maintaining recent support and establishing higher lows will be key for Pi Network to reverse its long-term downtrend. The token’s performance should be monitored closely over the coming sessions for signs of sustained momentum.
