Recently, the price of Pi coin has not made much progress. After breaking out of a descending channel pattern, Pi attempted to recover but could not maintain upward momentum. Instead, the price has fallen back and is currently testing the critical support level around $0.59.

Earlier yesterday, it briefly hit $0.60, but that level was quickly rejected. Currently, Pi is fluctuating around $0.59, and how it behaves here could shape what happens next.

If this support level of $0.59 holds, we may see a price increase in the short term. However, if it is broken, the next stop is likely around $0.583. The price seems to be stuck in a narrow range with not much action from buyers or sellers. In summary, Pi is currently stuck in a wait-and-see mode.

According to the latest information from Investing.com, several key technical indicators from Investing.com are signaling bearish pressure on Pi coin today. Let's examine each indicator, including their full names and meanings in relation to the current price movement.

The Relative Strength Index (RSI 14) is at 40.886, indicating that upward momentum is weakening but is not yet in the oversold territory.

The Stochastic Oscillator (STOCH 9,6) is at 37.833, indicating continued selling pressure and potential further declines.

The Commodity Channel Index (CCI 14) is at -13.6871, essentially neutral, indicating no strong movement in either direction. The Average True Range (ATR 14) is at 0.0175, indicating low market volatility. The Rate of Change (ROC) is 1.83, providing a slight buy signal, but not enough to overcome the bearish outlook from other indicators.

Moving average confirms downtrend

All major moving averages signal a downtrend. Pi is trading below the 20-day, 50-day, 100-day, and 200-day moving averages, which are currently much higher.

This confirms weakness in short, medium, and long-term time frames. Until Pi can regain one or more of these moving averages, it is unlikely to escape the current downtrend.

Prediction for Pi Coin price today (May 3)

Considering all factors, the price of PI is likely to continue facing pressure today. An important level to watch is $0.59. If that support level holds, the price may bounce back to around $0.60 or slightly higher. However, if that level is broken, the next target will be $0.583.

With low volatility, weak RSI, and all major moving averages trending down, Pi coin shows no strong signs of a bullish move today. Traders should be cautious and monitor how the price reacts around the $0.59 level.