Pi Network’s token (PI) continues to trend downward, shedding close to 16% in the last seven days amid growing bearish sentiment across the crypto space. Now hovering near $0.53, the token is struggling to hold major support zones, prompting fears it may soon revisit its previous low of $0.40.
Pi Network peaked at $3 on February 25, but that momentum has gradually vanished. The token has recorded continuous weekly declines, lacking the buying pressure needed to halt its downward trajectory. Broader economic uncertainty and regular token unlocks have further eroded market sentiment, significantly undermining investor trust in PI’s near-term prospects.
Pi Network’s current technical setup continues to emphasize intense selling pressure. The Moving Average Convergence Divergence (MACD) indicator reveals the MACD line (blue) sitting beneath the signal line (orange), which is widely regarded as a strong bearish indicator. This setup often reflects weakening buyer momentum and implies that the downward trend may persist unless substantial demand re-enters the market.
Moreover, the Balance of Power (BoP) remains firmly in negative territory at -0.12, signaling a clear advantage for sellers. Since the BoP measures the strength between buying and selling forces, a negative reading confirms the bearish sentiment, indicating that buyers are currently offering minimal resistance to the prevailing downtrend.
PI is currently positioned below its 20-day Exponential Moving Average (EMA), which stands at $0.56. This EMA acts as a dynamic resistance point, and staying under it typically reinforces a bearish outlook. If the downward momentum continues, there’s a possibility that PI could revisit its previous low around $0.40.
Still, a minor recovery can’t be ruled out. A surge in buying interest that pushes the price above the 20-day EMA could open the door for a move toward $0.79, a notable resistance zone established in early June.
Pi Network continues to face downward pressure as structural sell-offs, consistent token releases, and an absence of bullish momentum weigh on its performance. With multiple technical indicators pointing toward sustained weakness, both traders and investors should expect heightened volatility.
Unless a major change in market sentiment or a strong bullish catalyst emerges, PI is likely to remain on a declining path, as downward movement currently presents the least resistance.
