Pi Network (PI) price prediction: Stalled at the $0.7 resistance level, the price returns to the Bear Market path.

According to CCN, after a brief Rebound last week, Pi Network (PI) has returned to a bearish mode. What initially seemed like the beginning of a breakout has confirmed the strength of the ongoing downtrend. At the time of writing, the trading price of PI is $0.49, and technical indicators suggest that it will continue to weaken. Given that overall market sentiment remains unstable, the current question is whether PI can recover the highs of April or if there will be further falls in the future.

On the 4-hour chart, PI appears to be locked in a descending triangle, which is a bearish setup reflecting its price trend from mid-May to the end of June. During that time, the token struggled at lower highs while holding firm at around the support level of 0.52 dollars.

Last week, PI briefly broke through that area, sparking hopes of a breakout. However, these gains did not last long, as PI faced strong resistance near the $0.70 resistance level. Now, the price has returned to the same bearish structure, indicating that it may still face pressure for a while.

The bearish EMA crossover has increased the downside risk: the 12 EMA (blue) has fallen below the 26 EMA (orange). If this momentum continues, PI may test lower levels, with $0.49 becoming the next key support area.

(PI/USDT 4-hour chart, Source: Trading View)

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To support this point, CCN examined the trading volume of Pi Network. On May 12, the trading volume of PI exceeded 2 billion dollars. As of the writing of this article, its value has fallen below 100 million dollars. The decline in cryptocurrency trading volume indicates a decrease in market interest.

From a trading perspective, if trading volume continues to decline and there is no obvious demand, the price of PI may not be able to rebound. In this case, the market may fall below $0.49 and approach historical lows.

(Source: Santiment)

PI Price Prediction: Further Decline in the Low Point

The daily chart shows that, in terms of short-term prospects, PI is consolidating within a descending triangle. A close look at the 4-hour chart reveals that the momentum oscillation indicator (AO) has fallen into negative territory.

The fall of AO shows bearish momentum. If this continues, the price of PI may not quickly retest the resistance level of $0.70. If buying pressure does not increase, PI may fall to the support level of $0.40 instead of breaking through.

On the other hand, if the bullish forces overwhelm the bearish forces, the trend may change. If so, the price of PI may rebound to the psychological range of 1 dollar.

If buying pressure increases at this time, the market value may rise to $1.39 at the golden pocket ratio of 0.618.

(PI/USDT daily chart, source: Trading View)