Pi Network (PI) is exhibiting weakening bearish momentum as it consolidates near the pivotal $0.601 support level, with technical indicators suggesting potential stabilization or reversal. The cryptocurrency recorded a 6% weekly decline, though key metrics now signal diminishing downward pressure.
Technical analysis reveals notable shifts in market dynamics. The Average Directional Index (ADX) has cooled from 44.59 to 34, indicating reduced trend strength. Simultaneously, the positive directional indicator (+DI) surged while the negative directional indicator (-DI) declined sharply, reflecting fading bearish dominance.
The Chaikin Money Flow (CMF) reading of 0.07 points to moderate but consistent buying interest, though insufficient to indicate aggressive accumulation. This suggests cautious market participation despite improving conditions.
Price action remains concentrated near the $0.601 support zone. A decisive break below this level could trigger further declines toward $0.542 or $0.40. Conversely, successful defense of this support may propel PI toward resistance levels at $0.647 and $0.658.
Market participants are advised to monitor these critical technical thresholds closely, as PI’s next directional move will likely establish its short-term trend trajectory.