Pi Network price has been locked in a prolonged downtrend, but price action is now pressing into a major high-timeframe support at $0.35. A potential double-bottom structure and early signs of accumulation could pave the way for a rebound toward $0.70.
Summary
- Price consolidates at $0.35–$0.33 support with potential double-bottom formation.
- Point of Control and 50-day MA must be broken to confirm reversal.
- Uptick in bullish volume suggests early accumulation phase.
Pi Network’s (Pi Network) token continues to trade within a clear bearish structure, marked by consecutive lower highs and lower lows. However, the market may be approaching a critical turning point as price consolidates around the $0.35–$0.33 support zone, which aligns with the value area low. This level has held through multiple retests, suggesting the potential for a bottoming structure to form if buyers step in with conviction.
Key Technical Points
- $0.35–$0.33 Support Zone: High-time frame support and value area low holding firm.
- Potential Double Bottom: A bounce from support may form a reversal base.
- Point of Control Resistance: A breakout above this level is needed to confirm a higher high.
PINETWORK (1D) Chart, Source: TradingView
From a structural perspective, this is a prime location for Pi Network to carve out an accumulation phase. An accumulation period typically develops when price trades sideways at a key support, absorbing selling pressure before staging a breakout. Confirmation will require not only holding the $0.35 region but also breaking the ongoing downtrend by establishing a higher high above the most recent rejection point.
The 50-day moving average remains another key level to watch. Price has consistently struggled beneath this dynamic resistance since losing the value area high. A decisive daily close above the 50-day MA would be an important sign of a trend reversal, indicating that momentum is shifting back in favor of buyers.
Volume analysis also provides cautious optimism. Recent sessions have seen a notable uptick in bullish activity, though sustained above-average volume is still required to confirm strength behind the move. If accumulation persists at current levels, coupled with increased participation, the path toward $0.70 resistance becomes increasingly probable.
What to expect in the coming price action
Pi Network remains in a fragile technical state, but the confluence of support around $0.35 and emerging bullish signals hints at a possible bottoming scenario. A clean break of the downtrend and a higher high would set the stage for a recovery toward $0.70. Until then, the market is likely to consolidate in this accumulation range as buyers and sellers battle for control.
