Pi Network (PI) Price Sheds 60% After May Rally but Volatility Could Return Soon

Key Takeaways

• Pi Network (PI) has fallen 60% since its May 12 high.
• The PI price trades inside the $0.75 horizontal support.
• Can Pi Network bounce, or is a breakdown inevitable?

Pi Network kicked off May with a bang, surging nearly 200% to hit a high of $1.67. But the rally was short-lived.

Since then, the token has reversed course, shedding most of its gains and tumbling back to a key support level.

Now, all eyes are on whether PI can hold the line or if an even steeper drop is around the corner.

Let’s take a closer look at the charts to see what’s next.

PI Network Price Analysis

The daily time frame analysis shows that Pi Network’s price has fallen nearly 60% since its $1.67 high on May 12 (red icon).

The decline created a long upper wick, confirming the support of the $1.40 horizontal and Fibonacci area.

PI’s drop led to a low of $0.66 on May 17, which confirmed the $0.75 horizontal area as support.

Today, the Pi Network price risks breaking down from the $0.75 horizontal support area.

If that happens, the PI coin could decline toward its April lows at $0.40.

Technical indicators lean bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.

They are below their bullish thresholds at 50 and 0, respectively, showing a bearish trend.

The PI price will likely break down from the $0.75 horizontal support area based on the daily time frame.

PI Breakdown Incoming?

The price action isn’t the only thing flashing red; PI’s wave count also points to further downside.

According to the Elliott Wave analysis, PI kicked off an A-B-C corrective structure on April 5.

The most telling sign? A classic symmetrical triangle is forming in wave B.

Since then, the token appears to be deep in a five-wave decline, with the fifth and final wave now in progress.

If this count holds, PI could find its bottom around $0.52 at the 1.61 external Fibonacci retracement level.

Bearish Trend Ahead

Pi Network started an upward movement in May but could not sustain it and has fallen 60% since May 12.

The price action and wave count suggest the trend is bearish, and new lows are in store.

A breakdown below $0.75 could take the PI price to $0.52.