Pi Network has seen a modest uptrend since the start of the month, with the price gradually climbing. However, this growth has been countered by the altcoin’s failure to generate enough bullish momentum to sustain the rally. 

Despite initial gains, Pi Network is struggling to push further toward the coveted $1.00 mark.

Pi Network Appears To Be Stuck

The Sharpe Ratio, a measure of risk-adjusted return, indicates that Pi Network’s current bearish momentum is strengthening. However, the ratio is not yet at a threshold strong enough to trigger a full market reversal. Historically, when the Sharpe Ratio hit -19%, it signaled a temporary bottom, often followed by a price surge.

Pi Network, however, is currently sitting at -6%, far from the levels typically seen before a significant rebound.

While the Sharpe Ratio signals some investor losses, it is not yet a signal for a price reversal. The altcoin is caught in a neutral zone, lacking enough negative momentum to catalyze a sharp decline but not enough bullish strength to push the price higher. Investors are waiting for a clearer market direction.

On the macro scale, technical indicators such as the Moving Average Convergence Divergence (MACD) suggest that bearish momentum has not yet dissipated. The presence of red bars on the MACD, combined with a continuing bearish crossover, indicates that Pi Network’s price may remain downward-bound in the near term. This pattern suggests that the altcoin’s price could struggle to regain bullish momentum without significant positive market cues.

The ongoing bearishness highlighted by the MACD reinforces concerns among investors. As long as the red bars persist, any price movement will likely remain under downward pressure, further dampening the chances of reaching $1.00 anytime soon.

PI Price Has A Barrier Ahead

At $0.78, Pi Network is still 27% away from the psychological barrier of $1.00. This level is highly anticipated by investors, as breaking $1.00 and flipping it into support would likely bring a new wave of investments. However, the current price stagnation raises concerns about whether this bullish breakout will occur.

For now, Pi Network is not leaning decisively toward either bullish or bearish trends. It remains stuck in between, with negative momentum appearing to be more likely. The price could pull back further, potentially testing the $0.71 support level, which would indicate growing investor caution.

However, should broader market conditions turn favorable and provide a necessary boost to Pi Network, the price could rise past the $0.87 resistance level. This would occur when Bitcoin posts a new ATH, and PI maintains a strong correlation with the crypto king. Surpassing $0.87 would bring the altcoin closer to $1.00, invalidating the bearish outlook and signaling a potential reversal.