Pi Network (PI) Price Prediction: Pi coin failed to return to $0.50, technical indicators suggest traders are "prematurely" bullish.

Pi Network (PI) briefly reached $0.50 earlier this week, but the price has since continued to weaken, reporting $0.4746 during the Asian afternoon session today (23rd). Analysts say that Pi coin traders are overly bullish, but the technicals have not yet fully supported this.

Pi Network coin surged above $0.52 on July 22, triggering a new wave of bullish predictions. Driven by a sudden increase in trading volume, this trend pushed the PI coin to its highest level in weeks and briefly reclaimed a key short-term average.

However, social media analysts pointed out the trend line break and the new bullish trend, but the underlying structure of the pump remains unstable.

Pi coin is likely to be a victim of profit-taking, as the token has failed to maintain above the 20-day moving average (red). Despite the supporters of Pi coin posting numerous messages in support of the project, they seem unable to resist the temptation of some profit. The trading price of Pi coin is close to 0.4746 dollars, with long upper shadows—this is a typical rejection signal.

The trading volume of PI coin has risen to 117 million coins, but it is still far below the historical breakout threshold.

RSI is at 47.1, showing improvement, but still in the neutral zone.

(Source: Trading View)

Traders are bullish, but the technicals have not fully supported it yet

Some traders pointed out that the pump of Pi coin on July 22 is the beginning of a potential breakout.

Opinion leader Woody Lightyear (@WoodyLightyearx) claims that millions of dollars previously flowed into Pi, which once stimulated the PI/USDT trading pair on Gate to pump nearly 9%.

Another analyst named Jireon pointed out in a post that the downtrend line of the Pi coin has been ongoing for several months, tracing back to March. According to the analyst's chart, the Pi coin is currently approaching this resistance level, with trading volume continuously rising and the RSI indicator also strengthening. He speculated that the price of the Pi coin will soon break through $0.6, which means a breakthrough is imminent.

However, the price trend has not confirmed this claim. The price of PI coin has recently fallen after a surge, indicating strong bearish pressure in the 0.48-0.52 USD range. This rebound seems to be driven by speculative capital inflow and short-term hype, rather than a structural reversal.

Traders predicting a breakout of the PI coin may be premature.

(Source: Trading View)

At the same time, a widely circulated post on X claims that the Pi wallet has added new fiat currency entry points, including Apple Pay and Google Pay. The announcement appears to be an official one, similar to the update by Dr. Nicolas Kokkalis.

Despite the lack of confirmation, many users still believe that the post is authentic. In a low liquidity environment, misunderstandings may accelerate retail inflows and amplify intraday volatility. Although both scenarios exacerbate market volatility, neither has confirmed a change in long-term fundamentals.