A series of negative news surrounding Pi Network, including KYC issues and Telegram integration, have failed to change the token's downtrend.
Telegram Partnership Issues
Following the announcement of integrating with Telegram's Crypto Wallet, expectations were high for Pi Network's price boost. However, the token continues to struggle. According to TradingView data, the Bollinger Band Trend (BBTrend) remains negative at -22.34, indicating seller control. Despite the Telegram news, buyers did not show sufficient interest, and without significant buyer push, Pi is likely to keep sliding.
Weak Buyer Interest
There is a small sign of recovery as Pi Network's RSI has climbed from 23.8 to 40.45, indicating less selling pressure. However, values below 50 suggest that buyers remain hesitant. For Pi to escape the downtrend, the RSI needs to exceed 50—a shift yet to happen.
Key Levels to Watch: What's Next for Pi?
Pi Network is testing a crucial support level at $0.718. Failure to hold may lead to the next support at $0.62 for price stabilization. Conversely, if momentum increases, the first major resistance to break would be $1.05. A successful breakout could lead to further movement to $1.23, and if the rally continues, toward $1.79.
Currently, Pi Network continues to follow a downtrend. Without a significant increase in buying interest, the token’s struggle may not see immediate resolution.
