Pi Network Price: Uncertain Future After April Bounce

Pi Network (PI) has experienced a prolonged downtrend, showing signs of bearish sentiment. While April brought a temporary price bounce, significant selling pressure persists. This analysis explores the current market situation and potential future price movements.

Pi Network's Price Outlook: Bearish or Bullish?

Despite the April price bounce, the overall trend for PI remains bearish. While the downward momentum has slowed, it's unclear whether this represents a sustained recovery or a temporary reprieve. The question remains: will PI bulls overcome the persistent selling pressure?

Technical Analysis

• Daily Chart: The daily chart shows lower highs and lower lows (marked in orange), indicating a bearish market structure. Key levels of $0.84 and $0.52 represent potential breakpoints. A decisive move beyond either level will signal the next price direction.
• Daily Chart Indicators: The Money Flow Index (MFI) has moved out of oversold territory and toward overbought, suggesting potential bullish momentum. However, the Accumulation/Distribution (A/D) indicator continues its downward trend (albeit slower in April), indicating low buying volume. This discrepancy between MFI and A/D signals a cautious approach.
• 4-Hour Chart: A Fibonacci retracement, plotted using the April 5th price bounce, reveals the 50% retracement level at $0.595 as a crucial support area. The MFI on the 4-hour chart is at 23, still in bearish territory, reinforcing the selling pressure. The A/D indicator also shows recent downward movement.

The $0.595 and $0.55 levels are likely to act as short-term support in the coming days. A break below these levels could further exacerbate bearish sentiment.

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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own thorough research before making any investment decisions.