Pi coin Rebound challenges to return to 0.50 USD, the falling wedge indicates a "significant" breakthrough!

Pi Network (PI) price has made a short-term rebound, rising to 0.4847 USD during the Asian morning session today (22). On the technical side, Pi coin has recently formed a falling wedge, which is usually a bullish pattern; if confirmed, it will lead to a significant breakout.

According to the Pi Core Team (PCT), 7,600 chatbots and 14,100 custom applications have been created using the recently launched solution called Pi App Studio.

This is an encouraging announcement that confirms the developers' intention to build decentralized applications on the Pi blockchain.

Can it help reverse the latest downward trend, or is it just to prevent prices from falling to historical lows?

PI Price Analysis: Falling Wedge Indicates Major Breakthrough

In the past 24 hours, the trading volume of PI has surged by 68%. Will PI reach a new low in the coming days? The latest price trends and technical indicators seem to suggest otherwise.

Recently, a falling wedge has formed. This is usually a bullish pattern that, if confirmed, will lead to a significant breakout.

The price is currently at the upper trendline of the wedge. Today's strong trading volume confirms that this is a market-relevant level.

Therefore, if we break through the $0.50 region, this could lead to a strong pump of PI to $0.66 in the coming days.

Prior to this move, the PI coin had been consolidating and had firmly stood above the support level of 0.40 USD. This is a key area to watch in the coming days, as a drop below this area would completely negate the bullish tendency of this pattern.

At the same time, if this falling wedge achieves the expected results, the PI coin is likely to catch the market by surprise and trigger a significant short squeeze.

(Source: Trading View)