Pi Network: Waiting for the bounce back after the nightmare ends?

The Pi Network is currently undergoing a nearly two-week adjustment period, during which its value has not shown any significant fluctuations.

This altcoin has been affected by difficult market conditions; however, positive signals are beginning to emerge. As market sentiment stabilizes and improves, Pi Network may witness a strong recovery in the near future.

Need support for Pi Network

The current MACD indicator suggests that the downtrend that has persisted for the past three weeks may soon come to an end. The MACD line is approaching the crossover point with the signal line, which could indicate a strong bullish signal. Such technical signals often stimulate investor optimism, thereby opening up opportunities for price increases in the future.

As the downtrend weakens and the MACD performs a crossover, market sentiment may shift positively, reigniting investor confidence in Pi Network. A bullish crossover could create strong buying pressure, thereby pushing the price higher.

The MACD of PI | Source: TradingViewIn addition to the MACD indicator, the macro momentum of the Pi Network also reflects its recovery potential. The CMF indicator has recently dropped below 0, indicating that money is flowing out of this altcoin. The current CMF level is the lowest since the beginning of May, showing investor skepticism. However, if the outflow of funds is controlled and inflow increases, the Pi Network may witness a positive reversal in price trends.

This change reflects the cautious behavior of investors in the context of a volatile market. However, if the market gradually stabilizes and the flow of funds shifts to a positive state, the price of Pi Network may benefit from the renewed confidence of investors.

! CMF of PI | Source: TradingView## Is the PI price going up?

Pi Network is currently maintaining a price of 0.63 USD, above the support level of 0.61 USD for the past two weeks. Although there has not been a strong recovery, this altcoin remains stable at its important support level. If the cash flow improves and market conditions turn positive, Pi Network could very well surpass the resistance level of 0.71 USD and continue to grow.

In the event that market sentiment continues to strengthen, Pi Network may confirm a sustainable upward trend by successfully reversing the resistance level of 0.71 USD into a new support level. This will create a solid foundation, opening up long-term bullish prospects.

1-day price chart of PI | Source: TradingViewHowever, if the outflow of funds continues to dominate and there is no significant improvement in inflows, the price of Pi Network may maintain stability around the support level of 0.61 USD. In the event that market conditions become unfavorable, the price could slide below 0.61 USD, seeking the next support level at 0.57 USD. This decline would indicate that the current bullish outlook has been invalidated, and Pi Network may take more time to recover.

Annie