Pi Network’s Bulls Battle Relentless Selling Pressure—Can They Flip the Script?

Pi Network’s token has been caught in a tug-of-war between hopeful buyers and persistent sellers. While the project’s grassroots following keeps chanting ’hodl,’ the market’s cold math doesn’t care about vibes.

Key factors at play:

- Community-driven rallies vs. whale dumps

- Mainnet progress hype vs. exchange liquidity crunches

- The eternal crypto question: When does ’diamond hands’ become bagholding?

One thing’s certain: If Pi’s army pulls this off, it’ll be one for the crypto history books—right next to ’stablecoin’ and ’risk-adjusted returns’ in the oxymoron hall of fame.

The Pi Network token might struggle to recover

Source: PI/USDT on TradingView

On the 12-hour chart, the token appeared to form a descending wedge pattern. Such a pattern generally heralds the end of a downtrend. A move beyond the upper trendline of the pattern WOULD be expected to see a strong rally.

However, the wedge pattern on the PI chart had some problems. The two trendlines were not tested often enough, especially the lower one. From 20-29 May, a large blank space was seen on the lower side of the pattern.

Hence, the chances were that the wedge pattern wasn’t a clean one, and investors should not expect a swift recovery yet. The MFI showed that momentum remained bearish, and the OBV noted slow selling volume behind the Pi Network token over the past ten days.

Source: PI/USDT on TradingView

On the 4-hour chart, the descent of the OBV over the past week was made clear. It highlighted the selling pressure on PI that forced it to test the lows made on 8 May. At press time, the Pi Network token was trying to scale the $0.66 resistance level.

This effort might not succeed for a while. Especially since the OBV has not reversed its downtrend yet. Though the MFI showed bullishness, without steady demand, PI will likely fail to flip the $0.66 level to support.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion