- Pi coin is witnessing extreme bearishness on the daily technical chart.
- Pi token dropped by almost 14% in the last 24 hours, demonstrating bearish pressure.
PI Network is at a decisive moment, as the cryptocurrency breaks through the $0.4023 foundational support to which it had been wedged above, which is indicative of a change in technical conditions. Trading around $0.3504 at present represents a 14% decrease as per CoinMarketCap data. Volume is exceptionally high at that time and is indicative of an 81% increase, and it coincides with the market’s decline.
The technicals look bad for PI holders. The Relative Strength Index (RSI) has reached 23.42, and the asset is firmly in oversold territory in terms of the selling pressure on the asset. An RSI below 30 indicates the asset has had extreme selling pressure. PI is likely due for a short-term bounce, since it is substantially oversold, but the long-term is still significantly bearish.
The broad negative inference can also be seen in the moving average. PI is trading much below both moving averages of 50-day and 100-day EMAs, as it has been rejected multiple times at its 50-day EMA at $0.4962. Right now, there is no definitive way to get the momentum back or to express a possibility of a solid bounce. At worst, PI is expected to keep bearish activities for a long longer.
What Next For Pi Price?
The MACD indicator remains under the negative at the level threshold with all three values being negative, confirming continued bearish momentum. The histogram bars show that the selling pressure continues to outweigh buying, and there is no quick reversal in sight.
There is primarily negative social sentiment, with three threshold readings of -0.0741 and 0.0836 showing the community is ultra pessimistic about PI in the near term. Negative sentiment often tends to be self-fulfilling in selling in the market.
Looking at the overall chart pattern, PI traded up to upwards of $2.99 earlier in the year, and has since consolidated and continued to trade lower. The recent break and trade below the significant support of $0.4023 suggests there is no significant support above this level until potentially much lower, near the $0.35 region or lower. Traders should be aware of selling exhaustion, but the technical perspective does not show considerable upside before the price stabilises.
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