Pi Network (PI) Price Recovers After 60% Decline — Next Stop: $1.35

• Pi Network’s (PI) price fell 60% after a high of $1.67 on May 12.
• The PI price bounced at the previous resistance level of $0.73.
• Will PI maintain its momentum after the bounce, or will it falter?

Pi Network (PI) fell 85% after its mainnet launch, but regained its footing on April 5. Binance listing rumors triggered a breakout in May and led to a high of $1.67.

However, PI failed to sustain its increase and returned to its pre-breakout levels. The severity of the decline raises the question: Is PI simply retracing after its rally, or has it started a bearish trend? Let’s find out.

PI Price Bounces at Support

The daily time frame analysis shows that Pi Network’s price fell by 60% after its $1.67 high on May 12 (red icon).

PI’s bounce at $0.66 was critical since it prevented a breakdown from the $0.75 horizontal support area.

The $0.75 area is critical since it had previously acted as resistance, and the breakout above it led to the $1.67 high.

With the bounce, PI confirmed the area as support.

Moreover, the Relative Strength Index (RSI) bounced at 50 simultaneously with the price bounce, enhancing its importance.

The Moving Average Convergence/Divergence (MACD) has yet to make a bullish cross, which is essential for the uptrend to resume.

The daily time frame analysis shows a Pi Network horizontal range between $0.75 and $1.35. The midrange at $1.05 acts as potential price resistance.

Decline Invalidates Bullish Structure

While the Pi Network price action gives an optimistic analysis, the severity of the decline has invalidated a bullish long-term wave count.

Because of the overlap, the wave count suggests PI has completed an A-B-C upward structure, with wave B a symmetrical triangle.

From now on, there are two possibilities for the future movement. The bullish prediction suggests PI has completed an A-B-C structure (black) and will bounce.

The ensuing bounce could take the price to new highs or create an X wave at the $1.05 resistance area.

The second PI Coin price prediction is bearish. It suggests the PI Network price has started a five-wave downward movement and is at the top of wave four today.

An increase above $0.91 will invalidate the prediction (red) since that would create an overlap between waves two and four.

So, while the price action shows a bounce, the wave count gives an unclear reading, outlining a possible bearish path.

PI Trend Unclear

On May 12, the PI price was on the brink of new highs, but it fell 60% afterward, returning to its pre-breakout level.

While PI has bounced, it invalidated several bullish counts due to its decline.

As a result, the future trend is unclear, and PI could consolidate inside its horizontal range between $0.35 and $0.65.