The Pi Network token (PI) continues its persistent decline, losing nearly 16% of its value over the past week amid a deteriorating cryptocurrency market scenario.
Persistent Decline Since February High
Pi Network reached an all-time high of $3 on February 25, but optimism has rapidly faded since then. Each week, PI has shown consecutive losses with no significant demand for its recovery. Negative sentiment has been compounded by macroeconomic uncertainties and daily token unlocks, which continue to negatively affect investor confidence.
Technical Indicators Signal Bearish Continuation
The technical structure of the token continues to reflect strong selling pressure. The MACD indicator shows the MACD line (blue) positioned below the signal line (orange), a classic bearish signal. This configuration typically confirms declining buying interest and hints at a prolonged downturn unless significant demand materializes.
Additionally, Pi's Balance of Power (BoP) indicator remains negative at -0.12, highlighting continued seller dominance. The BoP tool gauges the strength of buyers relative to sellers. A reading in negative territory reinforces a bearish outlook and suggests that the market remains under selling control with minimal resistance from buyers.
Price Levels and Market Outlook
PI is currently trading beneath its 20-day Exponential Moving Average (EMA), which is positioned at $0.56. The EMA serves as a dynamic resistance level, and trading below it often confirms prevailing bearish sentiment. If this trend holds, PI may head toward a retest of its historical bottom near $0.40.
However, a short-term rebound isn’t entirely off the table. If buying volume returns and the price closes above the 20-day EMA, the token could make an attempt to climb toward $0.79, a key resistance level from early June.
The price trajectory of the Pi Network remains under pressure, largely due to structural selling, ongoing token unlocks, and the lack of positive catalysts. With negative technical indicators aligning across the board, traders and holders should brace for continued volatility. Only a significant shift in market dynamics or bullish news trigger could reverse PI's downward trend. Until then, the path of least resistance appears to be downward.
