TLDRPI token has formed a double bottom at $0.40 with a neckline at $1.66, suggesting possible 154% rallyTrading volume decreased by nearly 30% in the last 24 hours as PI retraces under $0.4000Technical indicators show mixed signals with RSI climbing from 19.7 to 52 but bearish MACD momentumPi Network has developed a large descending wedge pattern that often precedes a bullish breakoutA major exchange listing (Binance, Coinbase, Upbit) could provide fresh momentum for the tokenPi Network’s price has experienced notable volatility since its February mainnet launch, with recent price action showing a retreat toward key support levels. The digital currency, which once captured attention for its mobile mining approach, now trades below the $0.4000 mark as technical indicators present a mixed outlook for its short-term performance.The PI token is currently testing crucial support at $0.3700, which previously served as the neckline of an Adam and Eve pattern. This pattern’s breakout rally failed to maintain momentum above the 200-period Exponential Moving Average (EMA) at $0.4253 on the 4-hour chart.The retreat comes after PI peaked at $0.4661 on Sunday, followed by a 9% decline that has extended into the current trading session. Tuesday’s trading has seen PI drop by over 3%, bringing the total pullback to more than 12% from recent highs.Trading volume for PI has decreased by nearly 30% over the last 24 hours, indicating weaker market participation as traders appear to take a cautious approach to the token.This recent price action mirrors a similar pattern observed in mid-July, when Pi reversed from the 200-period EMA and invalidated the neckline support at $0.4734, resulting in a 10% extended correction.Pi Network Price on CoinGeckoTechnical Analysis Points to Possible ReversalDespite the current downtrend, some technical signals suggest Pi Network might be positioned for a potential recovery. Chart analysis reveals the formation of a double bottom at $0.40 with a neckline at $1.66, which could signal a possible 154% rally from current levels if the pattern completes successfully.The Relative Strength Index (RSI) has shown improvement, climbing from 19.7 to 52, though it currently stands at 43 on the 4-hour chart, suggesting room for further correction before reaching oversold conditions.In contrast, the Moving Average Convergence Divergence (MACD) indicator displays a declining trend after Monday’s sell signal, with red histogram bars below the zero line indicating rising bearish momentum.Pi Network has also developed a large descending wedge pattern, a formation that often precedes a bullish breakout when both trend lines converge. This technical structure, combined with the RSI recovery, provides some counterbalance to the current bearish price action.For the bullish case to materialize, PI needs to reclaim the $0.4000 level to revive reversal prospects and target the next key resistance at the 200-period EMA ($0.4253).Potential Catalysts for Price MovementSeveral factors could influence Pi Network’s price trajectory in the coming days. The broader crypto market rally, led by Bitcoin, might create favorable conditions for altcoins like PI if the trend continues.A listing on a major centralized exchange such as Binance, Coinbase, or Upbit could provide fresh momentum for the token. Such listings have historically triggered price surges for newly added cryptocurrencies, and PI could benefit from increased exposure and liquidity.Developer announcements regarding increased decentralization and future token sales could also stimulate price growth by reinforcing investor confidence in the project’s roadmap.However, if the current support at $0.3700 fails to hold, PI could face a further 10% decline, potentially testing the $0.3334 support level marked by last Wednesday’s low.The Pi Network price stands at $0.3884 as of press time, below both the psychological $0.4000 level and the 50-period EMA, with decreased trading volume suggesting market indecision ahead of its next major move.The post Pi Network (PI) Price: Token Tests $0.3700 Support After 12% Decline From Sunday Peak appeared first on Blockonomi.