Pi Network (PI) Rejected at $0.70 Resistance — Price Returns to Bear Channel Path

Key Takeaways

• PI Network’s price has fallen to $0.49 and is trapped in a bearish descending triangle pattern.
• The bearish crossover and declining trading volume indicate weakening momentum for PI.
• The PI coin risks dropping below the $0.40 support without increased buying pressure.

After a short-lived rebound last week, Pi Network (PI) has slipped back into a bearish pattern.

What initially looked like the start of a breakout has instead confirmed the strength of the ongoing downtrend.

At the time of writing, PI is trading at $0.49, with technical indicators pointing to continued weakness.

With overall market sentiment still shaky, the question now is whether PI can reclaim the highs it hit in April or if more downside lies ahead.

PI Yet To Break Free

On the 4-hour chart, PI appears to be locked in a descending triangle, a bearish setup that mirrors its price action from mid-May to late June.

Back then, the token struggled with lower highs while clinging to support around $0.52.

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Last week, it briefly broke above that zone, sparking hopes of a breakout. However, those gains were short-lived, as PI faced strong rejection near the $0.70 resistance.

Now, the price has slipped back into the same bearish structure, suggesting it could remain under pressure for a while longer.

Adding to the downside risk is a bearish EMA crossover: the 12 EMA (blue) has crossed below the 26 EMA (orange).

If this momentum continues, PI could test lower levels, with $0.49 emerging as the next key area of support.

More Warning Signs

To support this point, CCN examined the Pi Network’s trading volume. On May 12, PI’s trading volume was over $2 billion.

As of this writing, it has fallen below $100 million. The decline in the cryptocurrency’s volume indicates a drop in market interest.

From a trading perspective, the PI coin price might fail to bounce if the volume continues to fall without any notable demand.

In that scenario, the market could drop below $0.49 and close in on its all-time low.

PI Price Prediction: Lower Lows

The daily chart shows PI consolidating in a descending triangle regarding the short-term outlook.

A closer look at the 4-hour chart shows that the Awesome Oscillator (AO) has fallen to the negative region.

The decline in the AO indicates bearish momentum. If sustained, the PI coin price might fail to retest the resistance at $0.70 soon.

If buying pressure does not increase, PI might decline to the underlying support at $0.40 instead of breaking out.

On the flip side, the trend might change if bulls override bearish dominance. Should that be the case, PI’s price might bounce to the $1 psychological zone.

If buying pressure increases at this point, the market value could rise to $1.39 at the 0.618 golden pocket ratio.