- Pi coin price is down by almost 10% in last 24 hours suggesting bearishness.
- Pi price is trading at critical levels, if price break below it then investors may witness lower levels.
Pi Network (PI) is under heavy bearish pressure as its price keeps falling downwards, and recent market data is raising alarm among investors. As per CMC data, the digital asset has fallen by 10% in the last 24 hours, and the trading volume has dropped by 44%, indicating that the market is losing interest and holders may be capitulating.
At the time of writing, Pi is trading at $0.3501, Pi Network is stuck below key technical points that have been used in the past to support it. The cryptocurrency has trading below the 50-day EMA at $0.4048 and the 100-day EMA at $0.5105 and forms a bearish technical formation that indicates the selling pressure can persist.
The price movement tells a bleak story to PI investors, the token has dropped by around 88% since its all-time high of $2.98, and it is squarely in bear market territory, suggesting its long-term sustainability in the current market cycle.
What Next For The Pi Price?
Several technical indicators are converging towards the bearish thesis. The RSI is at 44.43, which is almost in the oversold territory but is not in the extreme territory that could indicate an immediate turnaround. This location suggests that the selling pressure has been substantial, but there can be additional downward movement.
The SuperTrend indicator has gone negative and this is a confirmation that the current bearish trend is still in force and that any rallies must be taken with caution. Meanwhile, the MACD is moving in no direction, showing that the market is not sure of what to do, but it does not give any positive signs that could indicate that a reversal of the trend is about to occur.
Most importantly, Pi Network is now trading in a small range of $0.4023 to $0.3313. This narrow band is a make-or-break point for the Pi coin, and the bottom limit of $0.3313 is a critical support level that may define the future trend of the asset in the short term.
A decisive downward break of the support at the $0.3313 level may result in further downside, which may expose PI to further price targets and new cycle lows. The short-term technical forecast of Pi Network is mainly negative. The combination of several negative technical signals, a location of the asset below the major EMAs, and the continued decline in volume are indications that the pressure might continue to the downside.
To make any potential recovery, PI would have to reclaim the 50-day EMA at $0.4048 with convincing volume, and then a sustained move above the 100-day EMA at $0.5105. However, this would need a major change in the market mood and a new purchasing enthusiasm.
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