Once seen as a groundbreaking project, Pi Network now appears to be stuck in a worrisome downtrend. Despite an active community, the PI token struggles to regain momentum. Is it time to move on, or is there still a glimmer of hope ? Let's assess the situation.
The Pi Network (PI) has experienced a 14% decline over the last 30 days. Its market capitalization has dropped below $5 billion, and the token has been trading below $1 since May 14. Despite some investors’ hopes, technical indicators continue to show a persistent bearish trend. PI is struggling to break through key resistance levels.
Analysis of the Ichimoku cloud shows that PI remains under strong bearish pressure, with the price still trading below the red cloud. Furthermore, the EMA lines indicate that the downtrend has not reversed yet, with short-term averages still below long-term ones.
Although the BBTrend indicator (Bollinger Bands) has recently stabilized at -2.21, a less extreme level than last week, it remains in the negative territory. This reflects a persistently weak momentum, with no clear signs of a bullish trend reversal at the moment.
Until PI can sustainably break out of the Ichimoku cloud and its BBTrend climbs back into the positive zone, caution is advised. A successful bullish breakout, supported by strong momentum, could, however, pave the way for a broader recovery. There is a potential upside of over 35%.
Although the PI network is currently facing a challenging period marked by a persistent downtrend, a hope for a rebound remains plausible in the short term. However, investors must remain vigilant and wait for a clear confirmation of the trend reversal before committing. The evolution of technical indicators will be crucial in the coming weeks to assess the prospects of a potential token recovery. If you are looking for a reliable exchange to invest in Pi Network, we recommend Bitget. Here’s how to proceed :
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