Pi Network (PI) has been experiencing a steady downtrend in recent weeks, but there has been a slight easing of downward momentum in April. Despite this, the chances of a Pi uptrend are currently slim. On the 1-day chart, lower highs and lower lows have been marked, with key overhead resistance levels at $0.84 and $0.52. A move beyond either of these levels could signal where the price of PI is headed next. Technical indicators on the 1-day timeframe, such as the MFI and A/D indicator, have shown signs of bullish capital flow and momentum.
Looking at the 4-hour timeframe, Fibonacci retracement levels have been plotted based on a sharp price bounce that occurred on April 5th. The price of the Pi Network token is currently heading toward the 50% retracement level at $0.595. The MFI on the 4-hour timeframe is below 50 and showing bearish momentum, while the A/D indicator has also taken a downward turn in the past few days. The recent bearish market structure break below $0.71 has led to the potential for the $0.595 and $0.55 levels to act as support in the coming days.
Despite the price bounce in April, selling pressure behind PI remains strong. However, a bullish divergence on the 4-hour MFI after a retest of nearby support levels could be interesting to buyers. The likelihood of a Pi uptrend at this point is low, but the technical indicators on the 1-day timeframe have shown signs of stabilization and potential bullish momentum. Traders and investors should keep an eye on key resistance levels and support levels to gauge the direction of the price of PI in the coming days.
It is important to note that the information presented in this analysis does not constitute financial, investment, trading, or any other form of advice and is solely the opinion of the writer. As with any investment, it is crucial to conduct thorough research and analysis before making any trading decisions. The Pi Network token remains in a downtrend overall, but there may be opportunities for buyers to enter the market at key support levels and capitalize on potential bullish momentum in the future.
