- Pi Network gave up nearly all its May gains, falling 63% after a sharp rally and returning to price levels from three months ago.
- A descending wedge pattern is forming, but it’s unclear and poorly supported by volume, making a strong recovery unlikely in the near term.
- Despite slight bullish hints from the MFI, weak OBV and resistance at $0.66 suggest PI may continue to struggle without a real demand boost.
Pi Network (PI) isn’t looking too hot right now. After a wild 188% run-up early in May, the token’s pretty much given it all back—dropping nearly 63% and dragging itself back to price levels from three months ago. As of early June, it’s struggling to hold ground, and traders are eyeing $0.80 as the next big resistance zone on the daily chart. So yeah, not exactly a bullish vibe at the moment.
This kind of volatility—massive surge followed by a brutal dump—can shake investor confidence fast. And right now, the bulls seem a little too quiet. The initial rally was fun, but now people are wondering if that was just a blip or something more sustainable (spoiler: it’s not looking great so far).
That Wedge Pattern Might Be a Fakeout
Zooming in to the 12-hour chart, there’s something resembling a descending wedge, which usually hints at a trend reversal. Normally, breaking out of the upper trendline would be a bullish signal—a sign that buyers might be waking up again. But in PI’s case? Eh, it’s a messy one.
The wedge isn’t exactly textbook. The lower trendline hasn’t been tested enough—there’s this big blank patch from May 20 to 29 where price didn’t touch it at all. That weakens the whole structure, making it harder to trust. Momentum-wise, the Money Flow Index (MFI) still leans bearish, and the On-Balance Volume (OBV) is dragging its feet, hinting that there’s just not much buying pressure lately.
OBV Paints a Bearish Picture on Shorter Timeframe
Over on the 4-hour chart, it gets even clearer. The OBV has been sliding for the past week, confirming consistent sell pressure. PI’s been flirting with the $0.66 resistance level, trying to flip it into support—but so far, no dice. Without a turnaround in volume, that level probably won’t hold.
Sure, the MFI has started to show a little bullishness. But without sustained demand behind it, that’s just noise. Buyers need to step up in a real way, or else the token’s just going to keep drifting—or worse, retesting its May lows again.
Still Too Soon to Call a Comeback
Bottom line? PI’s technicals are all over the place. There’s some hope in the form of bullish patterns and indicators, but none of them are clean or convincing. Volume’s weak, resistance is stiff, and bulls haven’t shown up in force. Until that changes, PI might keep floundering near the bottom.
