Pi Network (PI) continues to struggle with bearish sentiment, even after a brief price bounce earlier in April. While the recent movement helped stabilize the token temporarily, selling pressure remains dominant in the market. Traders are now eyeing key support levels at $0.595 and $0.55, as the token inches closer to critical technical zones that could determine its short-term future.

After weeks of steady decline, PI attempted to recover in early April, but analysts remain cautious. The broader downtrend remains intact, and indicators show that bulls may not have enough momentum to reverse the current market structure. With uncertainty looming, all eyes are on how the asset behaves at its next support levels.

April Bounce Offers Temporary Relief

The daily chart of PI/USDT reflects a textbook downtrend. Clear lower highs and lower lows have formed, confirming the bearish structure. The most recent lower high sits at $0.84, while the nearest lower low lies at $0.52. Unless the price breaks out above this descending pattern, the bias remains negative.

Despite the downtrend, April has brought a slight shift in momentum. The Money Flow Index (MFI), which had remained deeply oversold throughout March, has climbed steadily and is now approaching overbought levels. This suggests that some bullish capital flow has returned to the market, but it’s not yet a strong enough signal to confirm a reversal.

One major concern is the Accumulation/Distribution (A/D) line, which continues its downward path. Although its pace has slowed, it indicates that buying volume has not significantly increased. In other words, while some buying interest may have emerged, it hasn’t been sufficient to change the overall sentiment. The divergence between the MFI and A/D further supports the notion that caution is still warranted.

Key Resistance Holds, Bears Regain Control

Shifting to the 4-hour chart, the picture becomes more detailed. A sharp bounce occurred on April 5, from which analysts plotted Fibonacci retracement levels to track potential pullbacks. As of now, PI is heading toward the 50% retracement level at $0.595—one of the most closely watched support levels in the short term.

The market structure broke again on the downside when sellers pushed the price below $0.71, which had previously acted as support. This level is now a resistance barrier, capping further recovery. With bearish momentum returning, there’s growing pressure on the $0.595 and $0.55 levels to hold.

Adding to the bearish case, the MFI on the 4-hour timeframe currently stands at 23, which is close to the oversold threshold. While this can sometimes lead to a short-term bounce, it more often confirms that selling pressure is still dominating. The A/D indicator also reflects consistent selling over the last two trading sessions, further underlining the weakness.

Can PI Stabilize, or Will Bears Push Lower?

While some traders may be watching for signs of a bullish divergence—especially if the price retests support and the MFI begins to climb—the current trend remains firmly bearish. The market will need to see a strong surge in volume and a decisive break above $0.71 to entertain any serious bullish reversal. Until then, sellers are likely to remain in control.

In summary, Pi Network’s brief rally in April has done little to shake off the underlying bearish structure. The token faces mounting pressure as it approaches critical support levels at $0.595 and $0.55. Without an uptick in buying volume or a meaningful change in trend, the chances of a continued decline remain high. For now, traders are advised to monitor support zones closely and wait for clearer signals before calling for a recovery.