Pi Network Token (PI) Faces Continued Downtrend as Bearish Sentiment Prevails

Pi Network’s native token (PI) is encountering significant challenges as it struggles to maintain bullish momentum amidst persistent selling pressure. After briefly surging 188% in early May, the token has nearly erased all gains and is now trading close to three-month lows. Market participants are growing increasingly skeptical about PI’s ability to recover, with critical resistance levels at $0.66 and $0.80 presenting substantial barriers.

Technical analysis shows a descending wedge pattern on the 12-hour chart—a formation that typically precedes bullish reversals. However, analysts remain cautious. The $0.80 level aligns with a key Fibonacci retracement, creating a strong resistance point for any potential rebound. Earlier Optimism faded quickly when a 63% drop followed May’s rally, leaving investors concerned about the token’s extreme volatility.