Key Takeaways
- Sharp Decline: Pi Network (PI) has dropped 60% since its peak on May 12.
- Critical Support: PI currently hovers near the $0.75 support level.
- Market Sentiment: Technical indicators suggest bearish momentum, but volatility could reignite.
Pi Network’s Rollercoaster Performance
Pi Network began May with a meteoric rise, surging nearly 200% to reach $1.67** by May 12. However, the rally fizzled quickly, with PI losing **60%** of its value and retreating to the **$0.75 support zone.
Daily Chart Analysis
- Current Price: $0.75 (horizontal support).
- Recent Low: $0.66 on May 17, validating $0.75 as a key level.
- Risk of Breakdown: A drop below $0.75 may push PI toward **$0.40** (April lows).
Technical Indicators:
- RSI & MACD: Both below bullish thresholds (50 and 0), signaling bearish dominance.
- Trend Prediction: High likelihood of a breakdown from $0.75.
👉 Explore real-time PI price trends
Elliott Wave Theory: Bearish Signals
Pi Network’s price action aligns with an A-B-C corrective wave pattern initiated on April 5:
- Wave B: Symmetrical triangle formation.
- Wave C: Potential five-wave decline underway, targeting $0.52 (1.61 Fibonacci retracement).
FAQs
1. Why did Pi Network’s price drop 60%?
Profit-taking after the May rally and weakening bullish momentum triggered the decline.
2. What’s the next critical level for PI?
A breakdown below $0.75** could lead to **$0.52 or lower.
3. Are there signs of recovery?
Current indicators remain bearish, but volatility could reintroduce upward spikes.
4. How reliable is Elliott Wave analysis for PI?
While informative, wave theory should complement other technical and fundamental factors.
Conclusion
Pi Network’s trajectory hinges on the $0.75 support. A breakdown may extend losses, but the token’s history of volatility leaves room for sudden reversals. Traders should monitor RSI/MACD and volume trends for confirmation.
👉 Stay updated with PI’s latest market movements
Disclaimer: This analysis is for educational purposes only. Cryptocurrency investments carry high risk; conduct independent research or consult a financial advisor before trading.
### SEO Keywords: