TLDR
- Pi Network (PI) has been in a steady downtrend, dropping 17% to $0.611 with strong selling pressure despite a brief price bounce in April
- Technical indicators show mixed signals with the MFI climbing toward overbought territory while the A/D indicator continues downward
- Support levels at $0.595 and $0.55 are likely to be tested after PI broke below the $0.71 mark
- Market instability intensified after Mantra (OM) token’s 90% crash, causing investors to scrutinize Pi Network and other projects
- Community members express doubts about PI’s future viability due to lack of transparency regarding token economics and minimal public outreach
Pi Network’s native token (PI) has fallen into a persistent downtrend in recent weeks, with the price dropping 17% to reach $0.611. Despite a brief bounce in April, selling pressure remains strong, raising questions about whether this is a temporary reprieve or if bulls are preparing for a potential breakout.
The cryptocurrency has been experiencing steady decline since reaching higher levels earlier this year. On April 16, 2025, PI saw its value tumble to $0.611 amid broader market chaos.
The token’s downward movement accelerated after breaking below the $0.71 support level. This technical breakdown suggests further weakness in the coming days.
Technical indicators present a mixed picture for PI’s short-term prospects. The Money Flow Index (MFI) on the daily chart has climbed from oversold territory toward overbought over the past two months, indicating some bullish capital flow.
However, the Accumulation/Distribution (A/D) indicator continues its downward trajectory, though at a slower pace in April. This divergence suggests that buying volume remains low despite the positive MFI reading.
Market Structure Analysis
On the daily chart, PI has established a pattern of lower highs and lower lows, with key levels at $0.84 and $0.52. A break beyond either of these marks would signal the next directional move for the token.
The 4-hour timeframe reveals that PI is approaching the 50% Fibonacci retracement level at $0.595. This level, along with $0.55, is likely to act as support in the coming days.
The MFI on the 4-hour chart sits at 23, just above the oversold region, indicating bearish momentum and persistent selling pressure. This technical weakness coincided with the bearish market structure break when PI fell below $0.71.
External Factors Affecting Price
The PI token’s decline comes during a period of heightened market instability, triggered by the Mantra (OM) token crash. Mantra plummeted nearly 90% during a weekend before recovering about 30% of its value.
This incident spread concern throughout the crypto space, causing investors to scrutinize various projects including Pi Network. The market meltdown has intensified doubts about Pi Network’s operations.
Community members have expressed concerns about the project’s lack of transparency regarding token economics and minimal public outreach. Users and investors are demanding clearer, more consistent updates from the Pi Core Team.
The opacity surrounding the project’s internal mechanics, testnet, and KYC processes has frustrated many users, especially as the network approaches crucial milestones in its development.
Technical Indicators Point to Uncertainty
Analysis of the 5-minute OKX chart shows PI/USDT in a bearish pattern with declining highs and falling lows forming a descending resistance line. The price range between $0.605 and $0.610 has emerged as a vital accumulation zone after multiple tests.
The RSI has twice entered oversold territory, potentially indicating short-term bottoms and rebound opportunities. These oversold conditions aligned with MACD golden cross signals, suggesting brief bullish momentum within the broader downtrend.
Currently trading at around 53.11, the RSI implies slightly bullish momentum but no clear breakout yet. Two significant barriers exist near $0.630 and $0.660, which must be overcome for any substantial recovery.
Despite hints of buying at lower levels, the overall market structure remains controlled by sellers during the current period. Traders are advised to watch for a breakout above $0.620 with substantial volume for bullish confirmation, or a breakdown below $0.605 for continuation of the downtrend.
As Pi Network progresses with its strategic roadmap toward mainnet launch, the team continues to focus on building a utility-focused ecosystem. However, the project’s future success will depend heavily on restoring trust through transparent operations and effective communication with its community.
In the meantime, PI’s price could experience wide swings as volume levels continue to drop, making patience essential as the asset consolidates between zones, awaiting a decisive move.
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