Pi Network experienced a 12% increase in its price lately, hitting $0.65 briefly before dropping back down to $0.61 amid trading. Despite this rise, the altcoin has been finding it challenging to break away from consolidation due to weak investor sentiment putting pressure on its price.
There is a glimmer of hope with an ecosystem update expected on May 14, which could bring positive news and possibly spark a more significant uptrend.
Investor interest in Pi Network has been waning for the last month, resulting in little engagement from the wider market. This lack of enthusiasm has impeded the altcoin's ability to escape consolidation and see a sustained price surge.
Pi Network is facing an uphill battle as it lacks the necessary support to lift its price higher. Although the market has displayed some positivity, particularly after the US Federal Reserve's decision to maintain interest rates, Pi Network has struggled to capitalize on this momentum.
The overall macro outlook for Pi Network displays mixed signals. While there are some minor bullish indicators in the MACD, like small green bars in the histogram, they are insufficient to drive a significant rally. The absence of strong bullish signals from the MACD suggests that Pi Network still grapples with gaining notable upward momentum.
Despite a 12% price increase in the past day, reaching $0.65 momentarily before retracing to $0.61, Pi Network has had trouble sustaining its gains, revealing a lack of vigorous investor backing to drive prices up.
Pi Network remains stuck in consolidation between $0.61 and $0.57, indicating a lack of momentum to break out of this phase. It is likely to continue trading within this range unless it receives enhanced market and investor support, which remains uncertain.
Alternatively, Pi Network could reverse its downward trend by solidifying $0.61 as a support level and making strides towards $0.71. A successful breach above $0.71 could restore faith among investors, potentially triggering a more significant uptrend. However, without a noticeable shift in sentiment, Pi Network's price may encounter ongoing challenges.