The mobile mining notion of Pi Network is on a bit of a rough patch: Down almost 14.29% in the last one month, it sees its market cap drop below $5 billion, with the expectation of one Pi being over a dollar now on holder thoughts, keeping below that mark since May 14. Have the actual buzz disappeared, or is this mere chill from a crypto winter?
PI balanced on a precipice. Technical storm clouds gathered as the share struggled and failed to pierce a critical resistance. On one side was the Ichimoku Cloud, and on the other, BBTrend hinted at further decline; EMA lines, lastly, gave the final touch to the portrait: a whopping three bearish signals. Time was running out. Unless the bulls made a quick move, PI might have stepped right down the precipice before any hope could glimmer in the horizon.
Pi Network Faces Heavy Resistance
Sold into the relentless Ichimoku Cloud, the Pi Network continues to depict the persistent bearish grip. The price is struggling to free itself of the crimson cloud cover, confirming that upward-dragging forces remain firmly in command.
The Leading Span A (green line) remains below the Leading Span B (red line), reinforcing the cloud’s bearish structure ahead.
The cloud is wide and declining, suggesting that any potential reversal may face significant resistance soon.
PI Ichimoku Cloud. Source: TradingView.
The flat-edged Tenkan, holding fast to the flat Kijun, tells the story of a firm resistance upon climbing higher. The market holds its breath, caught in a delicate indecisive dance. Blue shadows red, signaling a stalemate in their short-term battle.
Additionally, the price candles are compressed within a narrow range, indicating consolidation with no clear breakout.
The trend remains negative until the price decisively moves above the cloud and the lines flip bullish.
PI BBTrend Stabilizes, But Bearish Conditions Persist
The pulse of Pi Network continues to remain faintly felt in the air. The BBTrend indictor records a flat -2.21 for an expected time period of 60 hours. Within the gyrating crypto space, this is the equivalent of an eerie digital lull.
As for two weeks, it has bled in red to touch extremely negative levels. Just a week back, it touched a nightmarish low of -18.7 that it has morphed into an extremely bright warning sign.
The bleeding has abated slightly. Now, do not falsely consider a tourniquet to be a cure for PI, which obstinately still lies on Earth, like a phoenix unwilling to arise from the ashes.
PI BBTrend. Source: TradingView.
The BBTrend (Bollinger Band Trend) measures the strength and direction of price movements relative to Bollinger Bands.
In this way, the indicator surging into the positive territory is akin to bulls racing up a mountain, sending prices soaring. When the indicator dips down below zero, it is a signal that bears dig in their heels, keeping prices near rock bottom.
PI’s BBTrend whispers a bearish tune at -2.21, a softer lament than before, yet still yearning for an optimistic crescendo. The market’s mood won’t brighten until the indicator boldly leaps into positive territory and plants its flag.
PI Breakout Could Trigger 37% Rally
PI price remains in a bearish technical setup, with its EMA lines showing short-term averages below the long-term ones.
This alignment confirms the continuation of a downtrend unless momentum shifts meaningfully.
If the bears really tighten their grip down there, keep a close watch”>Keep a close watch if the bears tighten their grip down there”>Keep a close watch if the bears tighten their grip, as PI dances near critical support”. Going under will not just be a dip; it shall be a plunge into unknown territory, breaking a very long sustained floor and further maintaining the danger zone for the investors.”
PI Price Analysis. Source: TradingView.
However, if buying pressure strengthens, PI could test resistance at the next significant EMA zone.
A successful breakout above that level, backed by strong momentum, could open the door for a broader recovery.
In a bullish scenario, PI may climb toward higher resistance targets, offering a potential upside of over 35%.
Thanks for reading Pi Network Indicators are Still Bearish – Is There Any Chance for PI Recovery?
