After the bounce in early April, Pi Network (PI) facing uncertainty – Are bears dominant?

! Pi Network (PI) has maintained a steady downtrend in recent weeks. Although the overall trend remains tilted to the negative, heading into April, the downward momentum seems to have begun to level off, suggesting the possibility of a shift in market sentiment.

Is this just a technical retracement before returning to the old trend, or are the bulls quietly gathering goods, preparing for a surprise breakout through the key resistance zone above?

The possibility of a bullish reversal of Pi is still very low

On (1D) day’s timeframe, the bearish trend remains evident with a series of lower highs and lower lows marked in orange. Two important price levels of $0.84 and $0.52 currently act as key support-resistance levels, potentially shaping PI’s further direction.

A definitive breakdown of either of these thresholds will be a strong signal confirming the upcoming trend of the market.

! pi-tang-giaDaily PI/USDT chart | | Source: TradingviewThe technical indicators on the daily chart are showing signs of stabilization again. The Money Flow Index (MFI), which once fell deep into the oversold zone, has now recovered strongly and is approaching the overbought zone – indicating that capital flows are returning.

However, the (A/D) Accumulation/Distribution indicator is still on the decline, although the level of weakness slowed in April. This development shows that buying is still quite conservative and the recovery momentum of the MFI index may not fully reflect the actual liquidity picture of the PI market.

On the 4-hour frame: Selling pressure still prevails

Looking closely on the 4-hour timeframe, a Fibonacci retracement has been established based on the sharp bounce of the price on Saturday, April 5.

As of now, the Pi Network token price is approaching the 50% retracement zone, corresponding to the $0.595 mark.

! pi-tang-gia4-hour PI/USDT chart | | Source: TradingviewThe MFI indicator on the H4 frame is currently at 23 – below the average and only a small distance from the oversold zone – reflecting the weakening momentum of buying and selling pressure that is still prevailing. At the same time, the A/D indicator also recorded a slight decline in the last two days.

This development was accompanied by the market structure being broken to the downside, as the bears pushed the price through the $0.71 support level (đường the green lá).

In the short-term, two price zones of $0.595 and $0.55 are expected to act as notable support levels.

Disclaimer****: The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions*

2.8 million PI tokens hit the market today – Is Pi price going down?

• Pi Network (PI) drop 10% as outflow spikes and Death Cross appears

SN_Nour

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width: 728px; height: 90px; } }