While Bitcoin and most altcoins rallied this week, Pi Coin (PI) has bucked the trend with a sharp reversal, losing 26.3% in seven days and over 9% in the last 24 hours alone. The selloff has raised fresh questions about Pi’s short-term prospects as traders grapple with growing selling pressure and fading demand.
According to recent market data, the broader crypto sector added 5.61% this week, with Bitcoin up 5.2% and altcoins climbing 4.85%. But PI has seen the opposite, continuing a decline that began after a dramatic, short-lived surge last month.
From Explosive Gains to Sudden Collapse
Pi’s rollercoaster began on February 20 when it traded near $0.1071. Within six days, the price skyrocketed by an eye-watering 2,688.79%, briefly topping the $3 mark on February 26. However, this breakout quickly turned into a brutal reversal.
By February 27, profit-taking and heavy selling wiped out those gains. Since then, PI has dropped by more than 70%, erasing nearly all of its parabolic run.
Falling Demand Paints a Bearish Picture
Technical indicators suggest more downside could be coming. Pi’s On-Balance Volume (OBV), which tracks buying and selling pressure, has flipped deep into negative territory. From 566.88 million on February 26, OBV has plunged to negative 1.06 billion today, a clear sign that sellers are in control and buyers remain sidelined.
Market analysts point out that PI has been stuck in a descending channel since its peak, consistently posting lower highs and lower lows, which typically signals an ongoing bearish trend.
Key Levels: Where Does PI Go From Here?
If the selling pressure persists and the coin breaks below its channel support, PI could drop toward the $0.62 level in the coming days.
A reversal is still possible if fresh buying interest emerges, which could push the price back up toward $1.13. But for now, technical signals favor the bears, and most traders are staying cautious.
For Pi Coin holders, the path ahead depends on whether the bulls can regain lost ground. Until then, traders are advised to monitor the descending channel for signs of a clear breakout that could determine the next big move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
