May brings a mix of technical signals for Pi Network (PI). While momentum indicators indicate a strong downtrend and the ADX suggests a bearish trend, the Chaikin Money Flow (CMF) has turned positive, hinting at potential accumulation.

The recent surge in ADX above 50 highlights a powerful bearish trend. On the other hand, the positive shift in CMF indicates renewed buying interest. However, PI needs to hold support at $0.547 to prevent further losses, as short-term EMAs lag behind long-term ones.

The DMI chart for Pi Network shows a significant increase in trend strength with the ADX spiking to 56.72. ADX readings above 25 signify a robust trend, and a level above 50 indicates a dominant and persistent trend in the short term, which appears to be bearish.

The directional indicators suggest a strengthening downward trend, with the +DI decreasing and the -DI rising sharply. The widening gap between the two reinforces the notion of a strong downtrend unless buying pressure resurfaces soon.

Pi Network's CMF has risen to 0.06, its highest since mid-April, implying a shift in sentiment as more capital flows into the asset. While this signals a potential weakening of bearish momentum, further confirmation is needed to identify a clear bullish trend.

As PI remains in a bearish setup with short-term EMAs below long-term EMAs, a test of the key support level at $0.547 seems likely. A breakdown below this level could lead to a deeper decline, while a reversal could see a retest of resistance at $0.665 and potential further upside towards $0.789. Confirmation through volume and price action is crucial to change the short-term outlook.