Technical Wall Stops Pi’s Recovery Again
By: cointribuneen|2025/05/03 14:30:01
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Within two months, Pi Network has lost nearly 90 % of its value. The crypto went from $2.99 to a low of $0.40. This collapse could have marked the end of the enthusiasm, but a recent rebound has revived attention. While some see it as a mere recovery, others mention the beginnings of a turnaround. As the project is about to cross a key milestone, the price movement in the coming days could reshape the trajectory of this controversial crypto. The $0.75 Wall Resists Pi Network Since its rebound to $0.40 on April 5, Pi Network has attempted twice to break the technical barrier of $0.75, without success. These failed attempts, marked by clear rejections on technical charts, confirm the strength of this horizontal resistance. Pi Network has still not succeeded in crossing the $0.75 horizontal resistance zone, despite a surge described as the “first bullish sign since the start of the correction” . This reversal attempt is still too fragile to impose itself against key technical thresholds. The analysis of technical indicators reinforces this cautious reading. Several signals converge towards maintaining a bearish bias : The RSI (Relative Strength Index) remains below the 50 threshold, indicating persistent seller dominance in the market ; The MACD (Moving Average Convergence Divergence) remains in negative territory, without a significant bullish crossover ; The breakout of a symmetrical triangle, followed by revalidation of this structure as resistance (around $0.75), supports the analysis that the corrective movement is far from over ; Finally, the Elliott wave count could lead to a fifth bearish wave forming, with a potential drop towards $0.30 based on Fibonacci retracement (1.27). These elements, although purely technical, cast a shadow over the hypothesis of a durable reversal. As things stand, the market structure remains unfavorable for an immediate recovery. A Bullish Tremor Bringing Hope ? Despite this technical deadlock, some recent signals indicate a possible reversal. The PI price is currently trying to form a higher low than the previous one, a configuration that, if confirmed, would mark the first structural sign of a trend reversal in weeks. Pi Network could create a higher low, the first since the start of the downtrend. This observation suggests that the market might be starting to digest the initial drop to build a base for a rebound. Pi Network could create a higher low, the first since the start of the downtrend. This observation suggests that the market might be starting to digest the initial drop to build a base for a rebound. However, this is where the ambiguity lies. If the price manages to invalidate this pattern by breaking the symmetrical triangle resistance line (which coincides exactly with the $0.75 level), then the entirety of this bearish reading would be questioned.
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