Pi Network (PI) Price Shows Signs of Potential Rebound After 23% Weekly Drop

The Pi Network (PI) coin is showing signs of a potential rebound after a 23% price drop over the last week, according to CCN (Source: Hameem Sarwar, March 20, 2024). Since March 13, PI has failed to register a daily green candlestick, aligning with previous analysis suggesting a drop to $1.18. Technical indicators, including the Money Flow Index (MFI) at 20.76 and the Relative Strength Index (RSI) at 31.27, suggest the coin is oversold and sellers may be exhausted. The formation of a falling wedge pattern also signals a potential bullish reversal. If buying pressure increases, PI's price could climb to $1.53 in the short term, potentially reaching $2.09. However, a breakdown below $0.768 could invalidate this bullish outlook, potentially leading to a price slide to $0.62.