The Pi Network’s token (PI) has extended its bearish streak, losing nearly 16% over the past week as negative momentum intensifies across the broader cryptocurrency market. Trading at approximately $0.53 at press time, PI remains significantly below key support levels, raising concerns of a potential retest of its all-time low at $0.40.
Persistent Decline Since February High
Pi Network reached an all-time high of $3 on February 25, but the optimism has since faded. With each passing week, PI has posted consecutive losses, with no substantial demand to reverse the ongoing downtrend. The sentiment has further deteriorated amid macroeconomic uncertainties and daily token unlocks, which continue to weigh heavily on investor confidence.
Technical Indicators Signal Bearish Continuation
The token’s technical structure continues to reflect strong selling pressure. The Moving Average Convergence Divergence (MACD) indicator shows the MACD line (blue) positioned below the signal line (orange), a classic bearish signal. This configuration typically confirms declining buying interest and hints at a prolonged downturn unless significant demand materializes.
Additionally, Pi’s Balance of Power (BoP) indicator remains negative at -0.12, highlighting continued seller dominance. The BoP tool gauges the strength of buyers relative to sellers. A reading in negative territory reinforces a bearish outlook and suggests that the market remains under selling control with minimal resistance from buyers.
Below the 20-Day EMA: A Critical Technical Barrier
PI currently trades beneath its 20-day Exponential Moving Average (EMA), which is positioned at $0.56. The EMA serves as a dynamic resistance level, and trading below it often confirms prevailing bearish sentiment. If this trend holds, PI may head toward a retest of its historical bottom near $0.40.
However, a short-term rebound isn’t entirely off the table. If buying volume returns and the price closes above the 20-day EMA, the token could make an attempt to climb toward $0.79, a key resistance level from early June.
Market Outlook
The Pi Network’s price trajectory remains under pressure, largely due to structural selling, ongoing token unlocks, and the lack of positive catalysts. With negative technical indicators aligning across the board, traders and holders should brace for continued volatility.
Only a significant shift in market dynamics or bullish news trigger could reverse PI’s downward trend. Until then, the path of least resistance appears to be downward.
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.
