The crypto market has recently experienced a sharp sell-off, led by Ethereum’s 16% drop over the past week, pressuring altcoins significantly. Pi Network (PI) was no exception, suffering an 15,5% decline in the same period. However, PI is showing signs of recovery, climbing 18% today after successfully defending a critical support area.

Key Technical Levels in Play

On the 4-hour PI/USDT chart, a symmetrical triangle pattern has emerged. The recent decline began when PI failed to maintain support at the trendline and the 20-day moving average (MA) at $1,88. This breach led PI to test the ascending support trendline around $1,33, where buyers stepped in.

Currently, PI has rebounded to $1,46, reclaiming the crucial 20-day MA. Maintaining above this level increases the likelihood of a further recovery, potentially targeting the descending resistance around $1,98–$2,00. However, a breakdown below the current support could trigger additional losses toward the next support at $0,70.

Indicators and Catalysts for a Rebound

The MACD indicator suggests that selling pressure is weakening, providing early hints of stabilization. Additionally, speculation surrounding a potential Binance listing continues to grow, especially following Binance’s shift to a community-based listing process. Given PI’s strong community support, an official listing announcement could significantly boost investor confidence and trigger a powerful rebound.

Investors should closely monitor PI’s ability to sustain the $1,46 support, as it will likely dictate the next directional move for the token.