Pi coin retests 0.50 USD, can this round of Rebound maintain the pump?

Pi Network (PI) is driven by developer activity and the launch of wallet features, with a current Asian morning price of $0.4825 as of today (23rd). The volume surged over 130% in the last 24 hours, reaching $245 million, indicating a rising market interest. Analysts say that the support level at $0.40 remains critical, and falling below this level could invalidate the current bullish structure.

The trading volume of Pi has also risen significantly, suggesting that there may be deeper movements. However, some analysts are not entirely convinced by this breakout attempt. Investors are currently wavering between a bullish breakout and a possible short-term false breakout.

The surge in volume following the rise of Pi Wallet features and Pi App Studio

The latest Wallet feature of Pi Network and the release of the new applications on Pi App Studio seem to have triggered this momentum.

Over the past week, the price of Pi has been fluctuating between 0.4345 and 0.5135 USD.

As Pi Network adds new features for developers, this growth has also emerged.

Coinpedia Markets reports that the increase in accumulation activity played a key role in today's rise. The surge in volume has added weight to the technical formations that traders have been tracking.

Chart observers have found that a descending wedge is forming on the PI/USDT chart. This is usually a bullish pattern that can break out quickly with volume support. Currently, the price is testing the top of the wedge, close to $0.52.

(Source: Trading View)

However, not everyone believes it will break through completely. Another analyst @pinetworkmember pointed out that the Pi coin touched the long-term trend line before the pullback. The lack of follow-up action has raised concerns that a short squeeze will push the price down and trigger another attempt.

(Source: Trading View)

Pi Network price support level of 0.40 USD becomes crucial

Despite the market's volatile sentiment, traders are still focused on the $0.40 support level.

During the recent fluctuations, Pi has maintained above that level. Falling below that level would negate the formation of a bullish wedge. If the support level holds, $0.66 remains a possible target, especially if $0.52 is broken and the volume is strong.

Before this, it was still a setup driven by horizontal levels, with clear risk zones. Traders are closely monitoring the real-time changes in momentum.

The overall market sentiment for Pi Network remains cautiously optimistic. Developer activity and Wallet updates indicate its continuous growth. However, price trends need confirmation before bulls can take the lead. Volume is in place, but the direction is still unclear.

Currently, $0.52 is the resistance line for the breakout. Traders watching Pi Coin are waiting for a clear trend, and this trend could develop in either direction.

(Source: CoinGecko)