Will Pi Network set the next record low or bounce back?

Pi Network (PI) has recently witnessed a significant fall, bringing its value down to nearly $0.5. The ongoing bearish sentiment is causing investors to worry as this altcoin approaches its potential all-time low (ATL).

However, some indicators suggest that Pi Network may be preparing for a recovery, bringing hopes for a price increase in the near future.

Is Pi Network preparing to surge again?

Currently, the relative strength index (RSI) of Pi Network is at 35, just a small distance away from the oversold threshold of 30. This indicates that Pi is approaching an oversold state – which is often a signal for a potential bounce.

Although it has just reached the lowest level in two months, the current position of the RSI indicates the possibility of a price recovery, similar to the early April period. If history repeats itself, this altcoin may register a significant increase, opening up a reversal opportunity for Pi Network.

The RSI of Pi Network | Source: TradingViewThe squeeze momentum indicator is recording signs of a tightening (represented by black dots), indicating that the price of Pi is in a consolidation phase before potentially breaking out. The accompanying chart with the indicator shows an increase in green bars, signaling that bullish momentum is strengthening. Therefore, volatility is likely to increase, pushing the price up in the coming days.

As the momentum continues to squeeze, the release of pent-up volatility will trigger strong fluctuations in the price of Pi Network. If the "squeeze" occurs in an upward direction, the explosive momentum could drive a strong recovery, helping this altcoin bounce back from its recent lows. Current indicators suggest that Pi Network could experience significant price increases as long as market conditions are favorable.

Pi Network's squeeze momentum indicator | Source: TradingView## PI price is holding steady, not falling further

Currently, Pi Network is trading at $0.54, just below the resistance level of $0.57. This altcoin is about 28.5% away from its all-time low of $0.4 set last week (. Although there is still a possibility of further decline, the likelihood of the price returning to this low is relatively low.

If Pi Network can reclaim the support level of $0.57, the price is likely to head towards the next resistance level at $0.61. Breaking past this mark will confirm a breakout, opening up prospects for sustainable recovery. At that point, the price target will shift to $0.71 – signaling a stable upward trend and potentially bringing this altcoin back to previous price ranges.

![PI ])https://img-cdn.gateio.im/webp-social/moments-22d140453059097e1b9bc0b692375b07.webp(PI price chart | Source: TradingViewHowever, if the broader market conditions continue to maintain a bearish trend, the price may struggle to hold the support level of 0.51 dollars. If this support level is broken, the price will fall deeper, down to about 0.45 dollars. This will bring it closer to the all-time low of 0.4 dollars, increasing the risk of further losses.

Minh Anh