- Pi Network (PI) is nearing the end of a corrective wave, with price action hovering around the $0.55 mark, potentially signaling a reversal or further downside.
- Key levels to watch include $0.62 for a bullish breakout and $0.55 as crucial support, with the possibility of a deeper decline to $0.40 if the downtrend continues.
Pi Network (PI) is at a critical turning point, with price movements tightly squeezed between bearish signals and the possibility of a bullish breakout. Traders and investors are closely watching whether PI will hold its current levels or drop further into a new low.
Elliott Wave Count Nearing Completion
On the 4-hour chart, Pi Network is finishing a complex five-wave Elliott corrective structure, approaching the final E wave near the $0.55 mark. This level is especially important as it aligns with the 0.786 Fibonacci retracement — a zone historically associated with potential reversals.
The long-term trend has followed a descending channel ever since PI peaked at $3 on February 27. Since that high, the token has declined by over 80%, ChatGPT said:
Pi Network is trading near $0.55 at the time of writing, its recent local bottom. Despite this steep fall, technical indicators suggest a possible reversal.
Oversold Signals Hint at Rebound Potential
The Relative Strength Index (RSI) on the 4-hour chart has dropped into the oversold zone, a region where previous reversals have occurred. Although this isn’t a guarantee of an uptrend, it does suggest the bearish momentum may be running out of steam.
Zooming in on the 1-hour chart, PI has been in a tight corrective pattern since its $1.12 high. The final leg of the wave C appears to be unfolding, but further weakness could still drive prices lower before a turnaround materializes.
What to Watch Next: Key Levels and Scenarios
- Immediate Resistance: $0.62 — a breakout here could invalidate the current bearish structure.
- Channel Resistance: ~$0.68 — breaching this would mark a confirmed breakout from the descending channel.
- Key Support: $0.55 — holding this level keeps bullish hopes alive.
- Critical Support: $0.40 — if the $0.55 floor breaks, this could be the next target.
At the moment, Pi Network is holding the line at a significant support zone. Whether it breaks lower or springs higher depends on how the market digests this consolidation. A move above $0.62 could ignite bullish momentum, while slipping below $0.55 might signal more pain ahead.
As traders wait for confirmation, one thing is clear — PI is on the verge of its next big move.