Pi Network (PI) Price Creates First Signal of Accumulation Since Day One

Key Takeaways

• Pi Network (PI) bounced after reaching an all-time low on April 5.
• Despite its bounce, PI failed to clear the $0.75 horizontal resistance.
• Can PI finally create a bullish structure and reclaim the $0.75 level?

The PI price surged after its debut in February but has fallen significantly since, reaching a new all-time low on April 5.

The price movement after April is more optimistic since PI bounced and is attempting to create a higher low today.

Nevertheless, the $0.75 resistance area is key for the future trend. Let’s look at the charts and see if PI can reclaim it or if new lows are in store.

PI Network Regains Footing

The PI price has fallen significantly since the week of its launch, when it reached its all-time high of $2.99.

Pi Coin’s decline led to a new all-time low price of $0.40 on April 5, after which PI bounced (green icon).

The bounce was the first bullish PI sign since the correction had started, but PI still failed to clear the $0.75 horizontal resistance area.

Instead, it fell twice after rejections (red icons) that confirmed the area as resistance.

Nevertheless, PI could create a higher low, the first one since the downward trend began.

Despite the bounce, technical indicators do not support the upward movement.

The Relative Strength Index (RSI) is below 50, and the Moving Average Convergence/Divergence (MACD) is negative, both signs of a bearish trend.

Wave Count is Bearish

While the PI price action offers hope for a trend reversal, the wave count does not.

According to the count, PI has just started the fifth and final wave in its downward movement.

The count’s defining characteristic is the symmetrical triangle from which the PI price broke down and validated as resistance (black circle).

If the count is accurate, the PI Coin price will fall to a new all-time low, targeting $0.30.

The 1.27 external Fibonacci retracement of wave four creates this target.

Alternatively, breaking out from the triangle’s resistance trend line will invalidate the bearish PI prediction.

The trend line also coincides with the $0.75 horizontal resistance area, so its importance for the future PI trend cannot be overstated.

Mixed PI Signs

While the PI price bounced on April 5, showing definite bullish signs, it has yet to confirm its bullish trend reversal.

Additionally, the wave count gives a bullish prediction, suggesting the PI price will fall to a new all-time low.

As a result, the future trend is uncertain. Whether the PI price moves above $0.75 or gets rejected can help determine it.