The recent price action of Pi Network (PI) is offering little comfort to bulls, as the token continues to struggle beneath the $0.80 mark. After several days of sideways movement, PI now hovers precariously near $0.728—a level that has become a critical support zone. The broader market tone remains cautious, and technical indicators are painting a picture of fading bullish strength and increasing bearish dominance.
Bears Dominate as Ichimoku Cloud Signals Resistance Overload
A closer look at PI’s chart reveals strong headwinds for upward momentum. The Ichimoku Cloud, a favorite tool among trend traders, currently displays a classic bearish setup. The price remains stuck beneath the red Kumo cloud—a clear sign that bears are still dictating the pace.
Notably, the Tenkan-sen (conversion line) and Kijun-sen (baseline) are flat and perched above the current price, showing a lack of bullish urgency. This flat formation typically reflects market hesitation and low conviction among buyers, with neither side strong enough to spark a decisive breakout.
Looking ahead, the cloud remains thick and red, suggesting a significant wall of resistance just above the current levels. The bearish twist between Senkou Span A and Span B further confirms the downward bias. Until the price can break convincingly above the cloud—and get some help from rising momentum—the path of least resistance appears to be downward.
Momentum Wanes: BBTrend Indicator Flashes Bearish Signal
Adding to the bearish narrative, the BBTrend (Bollinger Band Trend) indicator has flipped back into negative territory. After spending a few bullish days in the green, with a peak reading of 8.71 between May 22 and May 26, the indicator has now turned to -1.85. That shift marks a noticeable decline in bullish momentum and hints at a developing bearish trend.
The BBTrend tool gauges both the strength and direction of market movement based on Bollinger Bands. When the indicator moves into negative territory, it usually implies the asset is trending below the midpoint of its Bollinger Bands with growing downside risk. In PI’s case, the current reading shows that the brief bullish surge has faded and sellers may be regaining control.
Unless the indicator bounces back into positive territory, traders can expect the market to remain under pressure for the near term.
A Crucial Support Test as PI Price Teeters
Right now, all eyes are on the $0.728 support level. For the last few days, this price point has acted as a fragile floor, holding PI from a deeper plunge. But if sellers push past this support, things could unravel quickly. The next likely targets would be $0.659, and if bearish momentum accelerates, the price could slide further to $0.572.
This zone marks a critical battleground—if bulls are serious about staging a comeback, defending this area is non-negotiable.
Is There Still Hope for a Bullish Reversal?
While the near-term outlook leans bearish, not all hope is lost. Should PI manage to attract renewed interest from buyers and break above $0.869, that could be the start of a recovery. A successful push through this resistance would open the door for a move toward $1.30—a level not seen since mid-May.
Beyond that, if broader market conditions align and momentum continues building, PI could even set its sights on the $1.67 range, which would mark a more convincing trend reversal.
The Verdict
For now, the bears have the upper hand, and PI remains in a vulnerable state just above a vital support zone. The Ichimoku Cloud and BBTrend indicator both suggest downward momentum is stronger than upward optimism. However, with crypto markets known for their sudden reversals, a surprise rally is always on the table—especially if bullish sentiment returns quickly.
Traders should watch the $0.728 level closely in the days ahead. A break below could trigger further losses, while a hold and rebound could mark the beginning of a new chapter for Pi Network. Either way, the coming sessions will likely set the tone for what’s next.
