Pi Coin Sees 22% Volume Spike as Price Finds Strong Technical Support Near $0.62

Pi coin has experienced a volatile week of trading, marked by a sharp decline and a subsequent gradual recovery that suggests a sentiment of cautious optimism is returning to its market. As of press time, the token is priced at $0.6432, up nearly 1% in the last 24 hours.

The price recovery is supported by a significant 22% increase in trading volume, indicating that renewed interest is emerging at these lower price levels. This comes after a period of selling pressure that analysts attribute to broader market sentiment shifts.

PI Coin Price Sees Sharp Weekly Drop and Slow Recovery

At the beginning of the week, PI was trading around $0.6494 and remained stable. Nevertheless, the price began to drop quickly between June 5 and June 6 sharply plunging to roughly $0.608. This was a massive weekly drop of around 2.5%.

Analysts added that the sharp fall was attributed to bigger market sentiment shifts, mainly by large-scale investors selling their investments.

Source: Tradingview

Following this sharp dip, PI showed signs of gradual recovery. A brief upward spike above $0.650 on June 8 indicated potential bullish momentum, though this quickly reversed, highlighting ongoing market volatility. By June 10, PI had managed a steady climb back to the $0.643 mark, signaling potential buyer support at lower price levels.

Related: Pi Crashes 80% From Last February’s All-Time High, Raises Concerns Among Users

Market Signals Suggest Cautious Optimism

From a technical perspective, the PI token is currently in a phase of consolidation. Support around the $0.620–$0.625 range emerged strongly and was held firmly even after multiple tests. Resistance remains established at approximately $0.648–$0.652 a crucial zone PI struggled to overcome in recent attempts.

The technical indicators reflect this market indecision. Relative Strength Index (RSI) is currently in neutral territory with a reading of 52.90 which is pretty close to the midpoint of 0–100. It does not suggest an overbought or oversold condition, but recent moves into the 60 territory suggest a mild bullish sentiment. At the same time, the MACD line crossed a little above the signal line with a weak ‘histogram’ reading of +0.0004, indicating a beginning but weak upward momentum.

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For a bullish trend to resume, market observers suggest a decisive breakout above the $0.652 resistance is required. Such a move could create momentum toward the $0.68–$0.70 zone. Conversely, a failure to hold support could trigger renewed selling pressure, potentially sending PI back toward $0.600 or below.0 or below.