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The Pi Network token (PI) is under pressure once again as it struggles to hold on to any bullish momentum in the face of persistent selling. Despite a brief rally earlier in May, the token has nearly erased all gains from that surge, and now finds itself trading near its three-month lows. This price action is raising concerns about PI’s ability to recover, especially as key resistance levels loom.
Earlier in May, Pi Network saw an impressive 188% price jump, fueling optimism that a stronger uptrend was finally underway. But that optimism quickly faded. A sharp 63% decline followed, bringing prices right back down to their early May levels. The steep drop not only wiped out previous gains but also rattled investor confidence, with many now wary of jumping back into a highly volatile market.
Technical analysis shows the $0.66 and $0.80 levels as the next key resistance zones. These levels will likely prove difficult for bulls to overcome unless there’s a noticeable increase in demand. On the daily chart, the $0.80 resistance aligns with a significant Fibonacci retracement level, which could act as a ceiling for any recovery attempt in the short term.
The 12-hour chart shows signs of a descending wedge pattern, typically a formation that precedes a bullish breakout. These patterns are generally considered to be reversal indicators that suggest the downtrend may be nearing its end. However, in this case, analysts are skeptical. The descending wedge pattern on PI’s chart lacks enough reliable touchpoints on both the upper and lower trendlines. In particular, there’s a notable gap on the lower side of the pattern between May 20 and May 29. This inconsistency weakens the overall structure, making it a less convincing signal for a reversal.
Adding to the bearish sentiment are technical indicators such as the Money Flow Index (MFI) and On-Balance Volume (OBV). While the MFI is starting to hint at some bullish momentum, the OBV tells a different story. Over the past ten days, the OBV has shown a steady decline, indicating that sellers remain in control. There has been little evidence of renewed buyer interest, which could make it difficult for the price to sustain any upward movement.
The situation on the 4-hour chart offers a similar outlook. The OBV continues its downward trajectory, highlighting that selling pressure remains dominant. Despite a few attempts to break through the $0.66 resistance, the token has not managed to flip this level into support. As long as the OBV remains weak, these attempts may continue to fail.
This lack of strong demand is a major issue for PI. Even though the MFI suggests a slight uptick in bullish energy, it’s not backed by actual trading volume. For any meaningful reversal to occur, the token would need to attract consistent buying pressure—something that’s been noticeably absent in recent days.
In the current environment, Pi Network’s bulls have their work cut out for them. Without a clear shift in volume dynamics and market sentiment, the odds of a successful breakout above $0.66—and eventually $0.80—remain slim. The descending wedge pattern, while potentially bullish in theory, lacks the technical confirmation needed to inspire confidence among traders.
Unless conditions change significantly, PI could continue to hover near support levels or even trend lower. For now, the market appears to be in a wait-and-see mode, with investors hesitant to re-enter without stronger confirmation of a trend reversal.
