The price of Pi Network is at a critical support level, which could determine future market movement.
Current Market Situation of Pi Network
Pi Network has been in a long-term downtrend, characterized by a sequence of lower highs and lows. Recent updates, including the Stellar protocol enhancements, have not prompted a noticeable bullish reaction from investors.
Key Support Levels and Targets
Key support at $0.33 plays a crucial role. Holding this level may create conditions for a potential triple bottom. If the point of control can be reclaimed, it could lead to a rally towards $0.85.
Future Price Action Expectations
Price is once again testing the swing low area near $0.33, and if this level is defended, it could present a chance for a triple bottom formation, which may serve as a base for long-term reversal. However, failing to hold this level increases the likelihood of further declines.
The overall outlook for Pi Network hinges on the defense of key support and the possibility of accumulation, which could signal a trend reversal.
