Pi Network (PI) Approaches Descending Channel Breakout Despite Bearish Signals
Key Takeaways
- Corrective structure nearing the end of wave E.
- RSI at historic reversal territory.
- A break below $0.55 signals further downside.
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Pi Network’s (PI) price action unfolds within well-defined Elliott Wave structures across the 4-hour and 1-hour timeframes, revealing a mixture of bullish momentum and corrective caution.
A broader ascending channel underpins the long-term trajectory.
At the same time, short-term patterns signal the potential for a final impulsive extension — or a brief corrective intermission — before the next directional commitment.
PI Price Analysis
On the 4-hour chart, Pi Network is advancing through the final stages of a five-wave Elliott corrective sequence, with current price action nearing completion of the E wave near $0.55.
The overall trend has adhered closely to a descending channel structure that started to develop after PI reached an all-time high of $3 on Feb. 27.
Since then, we saw an 81.64% decline, measured to its lowest point around $0.55, where it currently trades.
This aligns with the 0.786 Fibonacci retracement, but the price dipped slightly lower.
The 4-hour Relative Strength Index (RSI) fell to the oversold zone, another sign that the current low might be the final one.
Compared to the other instances in which RSI was used in this area, this one caused a reversal.
PI could be ready for a bullish breakout above the descending channel resistance with the price structure, corrective count, RSI, and Fib levels signaling potential exhaustion.
PI Price Prediction
The 1-hour chart examines the recent downtrend in more detail.
Since its last high of $1.12 at the 0.618 Fibonacci level, we have seen the development of the last three-wave advancement to the downside.
Looking closer at its wave C, the lower-degree subwaves indicate another lower low could be more likely.
Although the RSI dipped into extreme oversold conditions, it is now stable above the 30% mark, indicating consolidation before a decisive more.
It is worth mentioning that the chart doesn’t show anything bullish. All of the factors implying a bullish reversal are just indicative.
PI is sitting on the sale low, and we will receive a confirmation shortly.
If the price continues below $0.55, the possibility of another downfall to $0.40 in the region will look likely.
But if it starts to increase and goes above the 0.786 Fib at $0.62, the bullish projection could come into play.
Key Levels to Watch
- Immediate Resistance: $0.62 (0.786 Fibonacci retracement).
- Descending Channel Resistance: ~$0.68 (structure-dependent breakout zone).
- Key Support: $0.55 (local low, potential E wave bottom).
- Critical Support: $0.40 (projected target if breakdown continues).
- Breakout Trigger: Sustained move above $0.62.
- Invalidation Level: Below $0.55 confirms the continuation of the downtrend.
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