Pi Coin Drops 15% in 30 Days Amid Market Bullish Trend

Pi Coin (PI) has experienced a significant decline, dropping 15% over the past 30 days. This downturn has occurred despite a broader bullish trend in the cryptocurrency market, making it one of the few tokens in the top 35 to post losses during this period. This performance indicates a clear sign of weakness, supporting a bearish Pi Coin price prediction in the near term.

Despite the recent downtrend, there are signs of potential recovery. The Pi Core Team announced that over 7,600 chatbot apps and 14,100 custom apps have been created using the recently launched Pi App Studio. This development is encouraging as it confirms the intentions of developers to build decentralized apps on the Pi blockchain. However, it remains to be seen whether this will be enough to reverse the latest downtrend or if it is merely an attempt to keep the price off its all-time low.

Technical indicators suggest that Pi Coin may be poised for a significant breakout. A falling wedge pattern has formed, which is typically a bullish pattern that leads to big breakouts if confirmed. The price is currently tagging the upper bound of the wedge, and today’s strong volumes confirm that this is a relevant level for the market. If Pi Coin breaks above the $0.50 area, it could result in a strong push toward $0.66 in the next few days. However, if the price moves below the $0.40 support level, it would fully invalidate this pattern’s bullish bias.

There is also the possibility of a big short squeeze if the falling wedge delivers the expected outcome. This could surprise the market and lead to a significant price increase. As other altcoins like Ethereum (ETH) and XRP (XRP) seem determined to make new all-time highs during this cycle, the performance of Pi Coin will be closely watched by investors and analysts alike.