Pi Network's Price Declines 15% in April Despite Bullish Signals

Pi Network's price has been in a steady decline in recent weeks, despite a slight rebound in April. The selling pressure behind PI remains strong, and the overall outlook for the cryptocurrency is still bearish. However, there are some signs of potential bullish momentum, particularly on the 4-hour Money Flow Index (MFI) after a retest of nearby support levels.

The 1-day chart shows that the price of PI has been making lower highs and lower lows, with key levels at $0.84 and $0.52. A move beyond either of these levels would signal the next direction for the price of PI. The technical indicators on the 1-day timeframe have stabilized, with the MFI climbing toward overbought territory, signaling bullish capital flow and momentum. However, the Accumulation/Distribution (A/D) indicator has not stopped its downward progress, indicating that buying volume is still low and that the findings from the MFI are not wholly representative of the PI situation.

On the 4-hour timeframe, a set of Fibonacci retracement levels was plotted based on the sharp price bounce on April 5th. At the time of reporting, the price of the Pi Network token was headed towards the 50% retracement level at $0.595. The MFI was below 50 on the H4 timeframe, at 23, barely above the oversold region, showing bearish momentum and selling pressure. The A/D indicator also took a few steps downward over the past two days, alongside the bearish market structure break when PI bears drove the price below $0.71. In the coming days, the $0.595 and $0.55 levels are likely to act as support.

Despite the slight rebound in April, the chances of a Pi uptrend are slim at the moment. The overall market sentiment remains bearish, and the technical indicators suggest that selling pressure is still strong. However, the bullish divergence on the 4-hour MFI could be interesting to buyers, and it remains to be seen whether the bears will prevail in the coming days.