The Pi Network token continues to face selling pressure after a recent rally, focusing on the $0.36 level.
Current Market Situation of Pi Network
After a sharp rally early in August that briefly carried the token above $0.46, Pi Network has been facing steady selling pressure. Currently, the token is trading just below $0.35, with indicators signaling potential weakness. The Relative Strength Index (RSI) is at 34, near oversold territory.
Key Support and Resistance Levels
The $0.36 zone has become a crucial pivot point for the Pi Network, previously acting as resistance and temporary support. If the token fails to break above this level, it could reinforce bearish momentum. Conversely, a successful breakout may indicate that buyers are ready to re-enter the market.
Outlook and Scenarios for September
As August comes to a close, all eyes are on the $0.36 level. If Pi manages to stay above this level, it could lead to a rally towards $0.40. Conversely, if it fails to reclaim this level, the price may drift down to $0.32. A neutral scenario suggests the token may hover between $0.33 and $0.36, reflecting market uncertainty.
In conclusion, the $0.36 level will be critical for the Pi Network's future direction, depending on technical signals and overall market sentiment.
