Pi Network (PI) price prediction: false breakouts still to be confirmed $0.66 remains a potential target

Pi Network (PI) rose by 8% on July 22, attracting widespread follow from traders. The volume surged, indicating that there may be deeper movements in the market. However, some analysts are not fully convinced by this breakout attempt, and investors are currently divided between a bullish breakout and a short-term false breakouts.

Wallet features and App Studio surge trigger volume spike The recent launch of the new wallet feature by Pi Network and the emergence of new applications in Pi App Studio seem to be the main reasons driving this price volatility.

Data shows that the volume of PI surged over 130% within 24 hours, reaching $245 million. The price once touched $0.517 but then fell back to $0.4875. In the past week, the price fluctuation range of PI was $0.4345 to $0.5135.

This rise coincides with the network introducing new features for developers. Coinpedia Markets reports that the increase in developer activity is a key factor in today's pump. This surge in volume reinforces the technical patterns that traders have been following.

Technical charts show that a falling wedge is forming on the Pi/USDT chart. Typically, this pattern may break out quickly with volume support. The current price is testing the top of the wedge, close to $0.52.

Analysts' Views on Breakouts Differ However, not everyone believes this is a clean breakout. Another analyst @pinetworkmember pointed out that Pi had retreated after touching a long-term trend line, and the lack of follow-up action raises concerns that the price may experience a short-term squeeze and then pull back, before possibly attempting to break out again.

$0.40 support level becomes critical Despite the relatively optimistic market atmosphere, traders are still closely following the $0.40 support range.

PI has maintained above this support level during recent fluctuations. If it breaks below this level, it will invalidate the bullish wedge pattern. If the support level remains valid, $0.66 is still a possible target, especially if $0.52 is breached with strong volume.

Currently, this is still a pattern dominated by support and resistance levels, with a clear risk range. Traders are closely watching market movements, and as momentum changes, the situation may evolve.

Conclusion Overall, the market sentiment for Pi Network remains cautiously optimistic. Developer activity and wallet updates show signs of continuous growth. However, price movements still need further confirmation for the bulls to take control of the market. The volume is in place, but the direction remains unclear. Currently, $0.52 is the key point for a breakout, and traders are waiting for a clean breakout, with future direction still uncertain.