- Pi Network has dropped 15% this week, trading near $0.50 as selling pressure intensifies and bearish indicators dominate.
- While some signs point to a potential reversal, the risk of further decline remains high.
The Pi Network has endured another tough week, falling 15% amid growing selling pressure and weak investor confidence. Trading around $0.50, the token is now well below its 20-day exponential moving average (EMA), signaling a continued short-term bearish trend. Since peaking at $3 on February 25, Pi has been on a steady decline, with no major support from buyers to halt the downturn.
Macroeconomic uncertainty and ongoing token unlocks are key drivers of this slump. Each daily release of new Pi tokens increases the circulating supply and weighs heavily on price stability. This growing supply, paired with reduced demand, is intensifying concerns among long-term holders.
Pi Network Bearish Indicators Dominate
Technical indicators underscore the bearish sentiment gripping the market. The MACD line remains below the signal line, hinting at weakening buyer strength. The Balance of Power (BoP) reading of -0.12 further confirms that sellers are firmly in control. These signals, widely seen as bearish, reinforce the possibility of Pi slipping further if no fresh buying interest emerges.
Is a Reversal on the Horizon?
Despite the grim outlook, some signs suggest a potential recovery. The Relative Strength Index (RSI) has entered oversold territory, typically seen as a precursor to a possible bounce. Similarly, the Woodies Commodity Channel Index (CCI) is showing bullish divergence and forming higher lows — early hints that selling may be slowing.
Even so, if selling pressure continues unchecked, Pi could drop to $0.43 or even retest its historical low of $0.40. On the upside, a strong rebound might push the token above its 20-day EMA, opening a path toward $0.79.
Pi Network’s recent price slide highlights persistent bearish pressure in a tough macro environment. While some technical indicators hint at a possible reversal, sellers remain in control for now. Investors should monitor support levels closely as the token navigates its most volatile period yet.
ALSO READ:Pi Network Launches KYC Sync Feature Ahead of Pi2Day as Technical Issues Persist
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
