Pi Network: After April Bounce, Bearish Pressure Persists Amid Uncertain Breakout

The Pi Network token (PI) experienced a recent price bounce in April, yet underlying selling pressure continued to dominate. Technical analysis highlights a bullish divergence on the 4-hour Money Flow Index (MFI) following a retest of nearby support levels, suggesting some buyer interest. However, the overall downtrend remains intact, marked by key resistance levels at $0.84 and $0.52. The 1-day chart shows that while the MFI has moved toward overbought levels indicating bullish capital flow, the accumulation/distribution (A/D) indicator continues its downward trend, reinforcing bearish sentiment. Additionally, Fibonacci retracement levels on the 4-hour timeframe indicate that the price is nearing the 50% retracement at approximately $0.595, with potential support near $0.595 and $0.55. The analysis signals limited chances for a strong upward breakout, as the technical indicators underpin continued bearish momentum.