Pi Network (PI) is facing intense selling pressure as its price plunged 14% over the past 24 hours, reinforcing its bearish trajectory. The persistent downtrend signals growing market pessimism, with traders bracing for further losses.
Pi Network Bears Tighten Grip
Since early March, PI has been locked in a sustained decline, trading within a descending parallel channel. This technical pattern, characterized by lower highs and lower lows, underscores persistent bearish sentiment.
The structure indicates that sellers are dominating the market, continuously pushing prices downward while buyers struggle to establish significant support levels. A key confirmation of this trend comes from the Super Trend Indicator, which has issued a sell signal. Currently, this momentum indicator serves as a dynamic resistance at $2.23, reinforcing the bearish outlook.
The Super Trend Indicator changes color based on price movements, turning red during a downtrend and green during an uptrend. At present, PI’s price remains below this indicator, confirming weak buying momentum and suggesting a further slide.
PI Downtrend Deepens: Will Bulls Defend Key Support?
If selling pressure continues, PI risks a deeper decline, potentially testing the $1.05 level. A break below this critical support within the descending parallel channel would indicate intensified bearish momentum, signaling further losses. If this scenario plays out, PI could drop as low as $0.87, reflecting a full bearish takeover.
However, a sudden shift in market sentiment could alter this trajectory. If accumulation resumes and buying pressure strengthens, PI may attempt a recovery toward $1.34, breaking above its current resistance zone.
Traders are closely monitoring key technical levels to assess whether bulls can regain control or if the bears will continue to dictate the market’s direction. Until PI establishes a solid support base and sustains a move above resistance, the downtrend remains dominant.
Also Read: Pi Network Faces Selloff as $175M Token Unlock Looms – Will Pi Coin Crash or Rally?
The Pi Network is in a precarious position as selling pressure mounts. Traders should watch for signs of either a bullish reversal or continued downward movement, as the next few days will be crucial in determining PI’s market trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
