• Pi Network is up 3% on Friday, marking a rebound from the broken trendline of resistance.
• Mild recovery aligns with the upcoming Pi2Day, while trading volume declines stabilize near $10 million.
• The technical outlook for PI is mixed as minor recovery remains capped by the prevailing downward trend.

Pi Network (PI) price records a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes. The technical outlook for PI is mixed as the prevailing bearish trend continues to weigh down on price.

Pi Network shows short-term resilience amid market crash

The broader cryptocurrency market recorded $1 billion in wipeout over the last 24 hours as Bitcoin (BTC) slipped below $60,000 on Thursday, marking its lowest price in 20 months, as previously reported by FXStreet. However, Pi Network is up 3% so far on Friday, reflecting a mild recovery despite the broader market crash.

Artemis data show the PI token's daily trading volume stabilizing near $10 million, even as the price declines, marking an uptick. Typically, a flattening trend in trading volume sets the stage for the next impulsive move, which could drive upside, as the upcoming Pi2Day event on Sunday could boost retail demand, as it did last year.

Technical outlook: Will PI regain bullish momentum?

Pi Network approaches $0.1300 at press time on Friday amid a broader bearish bias as price holds below the 50-day Exponential Moving Average (EMA) at $0.1427 and the 200-day EMA at $0.1891. From a technical perspective, the mild intraday recovery in PI, followed by the Doji candle the previous day, implies a potential Morning Star pattern formation. Typically, this pattern leads to a bullish reversal, which in case of PI, aligns with the retest of the broken descending trendline near $0.1200.

That said, the Moving Average Convergence Divergence (MACD) sustains marginally above its signal line, while the Relative Strength Index (RSI) at 42 hints at a modest recovery from prior oversold conditions rather than a clear bullish shift.

The 50-day EMA at $0.1427 serves as the immediate resistance level, followed by the $0.1556 level, marked by the February 23 low.

On the downside, the first notable support emerges at the reclaimed trendline break area around $0.1200, and a sustained move beneath this floor would likely reopen the path for a deeper slide below the June 6 low at $0.1184.

(The technical analysis of this story was written with the help of an AI tool.)