In recent weeks, the price of Pi Network (PI) has shown a downward trend, losing key support levels. An analysis of current price actions and indicators suggests the possibility of further declines.
Prices Continue to Decline
Despite a significant pump in early May, the price of PI fully retraced in June, now demonstrating a downtrend. The support level at 52 cents has been lost and is now acting as key resistance. Considering the overall bearish sentiment in the market, further price declines may be likely, with major support found at 40 cents.
Momentum Indicators Show Oversold Conditions
Since mid-May, a bearish trend has been observed, and the daily RSI has reached oversold conditions below 30 points. This suggests that sellers may become exhausted, creating an opportunity for buyers to return. However, if buy volume does not increase, a reversal remains unlikely.
Sellers Dominate
An analysis of trading volume shows that out of 23 days in June, 16 closed in red (70% red days). This places sellers in control of the price action. As long as this trend continues, the price of PI will need to go lower to find buyers. Attention should be paid to the area between 50 and 40 cents, which could be a potential reversal point.
Current trends indicate weakening for PI and seller dominance. Monitoring key support levels and indicators that may signal a trend change is crucial.
