Pi Network struggles below $0.70 resistance, showing steady seller control and weak buying momentum since mid-May.
Price consolidation near $0.63-$0.65 highlights cautious trading as Pi tests key support amid low volume rebounds.
$100M ecosystem fund sparks hope, but Pi must clear $0.70-$0.80 resistance to shift from bearish to bullish momentum.
Pi Network’s recent price action reveals a challenging phase following its parabolic rally in mid-May. The token now navigates a bearish environment with key support and resistance levels shaping its near-term outlook.
Pi Network formed a textbook inverse cup and handle pattern on the 4-hour chart, signaling a classic bearish continuation. Trading below the 50-period moving average reflects seller dominance in current momentum. A break below $0.5547 could open the door to a decline toward the $0.40 level, exposing significant downside risk.
Source: Post on X
Since mid-May, the price has consistently been making lower highs and lower lows, with resistance between $0.84 and $0.98 always stopping the upside on attempted rallies. Volume has subsided in the pullbacks, indicating a lack of strong demand. The 50 EMA slopes downward, reinforcing sustained selling pressure. Overall, the trend remains weak and structurally bearish. Attempts to reclaim levels above $0.70 have met selling pressure, preventing the formation of higher highs.
Consolidation and Potential for Reaccumulation
Following the steep decline, Pi has found some short-term stability between $0.63 and $0.65, consolidating beneath previous support turned resistance near $0.72. Volume remains subdued during recovery attempts, limiting bullish momentum.
Resistance zones near $0.77 and $1.10 continue to cap price action, maintaining a neutral to bearish market structure until a clear breakout occurs with volume support. No EMA crossovers or momentum shifts are evident, suggesting sellers remain in control for now.
Nonetheless, active trading near key levels indicates market participants are closely watching for the next directional move. The absence of significant volume spikes during rebounds underscores the cautious sentiment prevailing in the market.
In Another Perspective: Ecosystem Support and Market Outlook
From another perspective, Pi Network’s recent announcement of a $100 million fund to support ecosystem development adds a fundamental catalyst. This capital injection aims to boost developer activity and broader adoption, potentially supporting price strength over the long term.
Interest from development teams signals a growing ecosystem, which may attract renewed demand as these initiatives gain traction. While this creates a positive backdrop, technical risks persist. Pi must overcome key resistance levels to create a lasting trend shift.
This has generated skeptical optimism among investors who are viewing the potential but are hesitant given the current bearish technical environment. The recent events within the ecosystem can represent a turning point for Pi, but price action must first overcome near-term resistance levels of $0.70 to $0.80.
Pi Network's way forward remains uncertain as it battles key support at $0.63 and resistance at $0.70. For now, the current technical setup favors sellers even as expansion in the ecosystem shows promise for the future.
The post Pi Network Faces Strong Resistance Near $0.70, Struggles to Break Bearish Trend appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Reward
like
3
Share
Comment
0/400
Erniu
· 06-05 23:05
Is it really necessary to hold this coin?
Reply0
Lost20
· 06-05 13:50
Just go for it💪
Reply0
GateUser-8dfa0cec
· 06-05 10:08
Everyone is truly being chased and beaten by the market maker, the prices are tightly controlled, and if you want to make money, there's no way. The prices are always kept in a space where you have no profit!
Pi Network Faces Strong Resistance Near $0.70, Struggles to Break Bearish Trend
Pi Network struggles below $0.70 resistance, showing steady seller control and weak buying momentum since mid-May.
Price consolidation near $0.63-$0.65 highlights cautious trading as Pi tests key support amid low volume rebounds.
$100M ecosystem fund sparks hope, but Pi must clear $0.70-$0.80 resistance to shift from bearish to bullish momentum.
Pi Network’s recent price action reveals a challenging phase following its parabolic rally in mid-May. The token now navigates a bearish environment with key support and resistance levels shaping its near-term outlook.
Pi Network formed a textbook inverse cup and handle pattern on the 4-hour chart, signaling a classic bearish continuation. Trading below the 50-period moving average reflects seller dominance in current momentum. A break below $0.5547 could open the door to a decline toward the $0.40 level, exposing significant downside risk.
Source: Post on X
Since mid-May, the price has consistently been making lower highs and lower lows, with resistance between $0.84 and $0.98 always stopping the upside on attempted rallies. Volume has subsided in the pullbacks, indicating a lack of strong demand. The 50 EMA slopes downward, reinforcing sustained selling pressure. Overall, the trend remains weak and structurally bearish. Attempts to reclaim levels above $0.70 have met selling pressure, preventing the formation of higher highs.
Consolidation and Potential for Reaccumulation
Following the steep decline, Pi has found some short-term stability between $0.63 and $0.65, consolidating beneath previous support turned resistance near $0.72. Volume remains subdued during recovery attempts, limiting bullish momentum.
Resistance zones near $0.77 and $1.10 continue to cap price action, maintaining a neutral to bearish market structure until a clear breakout occurs with volume support. No EMA crossovers or momentum shifts are evident, suggesting sellers remain in control for now.
Nonetheless, active trading near key levels indicates market participants are closely watching for the next directional move. The absence of significant volume spikes during rebounds underscores the cautious sentiment prevailing in the market.
In Another Perspective: Ecosystem Support and Market Outlook
From another perspective, Pi Network’s recent announcement of a $100 million fund to support ecosystem development adds a fundamental catalyst. This capital injection aims to boost developer activity and broader adoption, potentially supporting price strength over the long term.
Interest from development teams signals a growing ecosystem, which may attract renewed demand as these initiatives gain traction. While this creates a positive backdrop, technical risks persist. Pi must overcome key resistance levels to create a lasting trend shift.
This has generated skeptical optimism among investors who are viewing the potential but are hesitant given the current bearish technical environment. The recent events within the ecosystem can represent a turning point for Pi, but price action must first overcome near-term resistance levels of $0.70 to $0.80.
Pi Network's way forward remains uncertain as it battles key support at $0.63 and resistance at $0.70. For now, the current technical setup favors sellers even as expansion in the ecosystem shows promise for the future.
The post Pi Network Faces Strong Resistance Near $0.70, Struggles to Break Bearish Trend appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.