The collapse of PI continues as the bears take control – What will the price of Pi Network be?

Pi Network (PI) has traded below $0.80 for the past three days, stuck in a consolidation phase just above the important support level.

Technical indicators paint a cautious picture, with the Ichimoku Cloud indicating ongoing downward pressure and the BBTrend momentum gauge turning negative.

The current setup indicates market hesitation, as buyers struggle to regain control and sellers test the strength of nearby support levels.

With the resistance levels still high and short-term momentum fading, the next move of PI could help shape the tone for the weeks ahead.

PI faces strong resistance as the bearish cloud dominates the chart

The Ichimoku Cloud chart shows that the primary setup is bearish. The price action is below the red cloud (Kumo), with the overall trend still under downward pressure.

The Tenkan-sen ( blue line) and Kijun-sen ( red line) are moving sideways and are positioned above recent candles, indicating weak short-term momentum and limited bullish confidence.

These horizontal lines are also reflecting the market's hesitation, as there have been no clear efforts to break through higher levels in recent sessions.

! Ichimoku Cloud by PI | Source: TradingViewLooking at the cloud ahead, it is still thick and red, which reinforces the idea that the resistance level will strengthen soon.

Senkou Span A ( green ) is below Senkou Span B ( red ), establishing a bearish Kumo twist. Additionally, the price has been unable to break through or exceed the cloud, signaling that the bulls have not yet regained control.

Until a clear breakout forms above the cloud with support momentum from Tenkan-sen and Kijun-sen, the trend remains tilted towards the sellers.

PI BBTrend turns negative, signaling a loss of upward momentum

The BBTrend indicator (Bollinger Band Trend) for Pi Network has shifted back to the negative zone, currently at -1.85 after remaining in the positive range from May 22 to May 26.

During that time, the indicator reached a peak around 8.71, signaling a strong upward momentum.

However, the recent shift into the negative zone indicates that selling pressure is increasing, with the previous upward trend weakening and the market may be entering a consolidation or correction phase.

PI BBTrend | Source: TradingView BBTrend is a momentum indicator that measures the strength and direction of trends based on Bollinger Bands.

Positive values usually indicate that the price is trending above the middle line of the band with expanding volatility, and often signal a bullish trend. Meanwhile, negative values reflect a move below the middle line, often accompanied by contracting momentum or increasing bearish pressure.

With BBTrend of PI currently at -1.85, the market is signaling that bullish strength has faded. Unless there is a quick reversal, prices will continue to face pressure or slide down in the near future.

PI consolidates near the main support level as the market awaits breakout

Pi Network has entered a consolidation phase over the past 4 days, with price action tightening and hovering right above the important support level.

Currently, the token is trading above $0.728, which acts as a support level in the short term. If this support level is broken, the price of PI may face increased selling pressure, opening the door to a decline to $0.659.

In the case of a stronger downtrend, PI still has the possibility of slipping to $0.572.

Price analysis of PI | Source: TradingViewThe positive aspect is that if PI can regain upward momentum and attract new buying interest, the first resistance level to watch is $0.869.

Breaking above this level will signal a potential trend reversal, establishing a move towards $1.30, marking the first time PI has surpassed the $1 mark since May 14.

If the uptrend continues, PI may test higher resistance levels near $1.67.

Vincent