The cryptocurrency market continues its bearish trend, and Pi Network (PI), which had been resilient since its mainnet launch, is now losing momentum. The token has seen a sharp double-digit decline of over 22%, pushing its price down to $1.38.
Failed to Hold Key Support
The 4-hour chart shows that PI lost momentum after failing to hold the key support of a symmetrical triangle pattern. The breakdown from the ascending support, along with the 10-day moving average at $1.88, has triggered a strong downward move. This decline has pushed PI into a critical support zone, where it is currently trading around $1.40. If PI manages to hold this support above $1.30, there is still a chance for a bounce-back, especially as the MACD indicator is showing early signs of stabilization. A move above the 10-day moving average would confirm a rebound and possibly lead to a recovery toward the $1.75 to $1.88 range. However, failure to hold this key support zone could trigger another sell-off, with the next major support level sitting at $0.75, a significant drop from the current price.
What to Expect Ahead?
Currently, PI is trading at a make-or-break support level. A successful bounce could fuel a recovery, while a further breakdown might lead to a sharper decline. One potential catalyst for recovery is the increasing speculation around a Binance listing. With Binance recently shifting to a community-based listing mechanism, PI has gained traction in , which could drive renewed interest and buying pressure if a listing is announced.
Conclusion
The key support level to watch remains at $1.30. If this holds, a recovery toward $1.75 and $1.88 could be possible. If it breaks, a further drop is inevitable.
The future of Pi Network remains uncertain given current market conditions and potential catalysts such as updates regarding Binance listing. Keep a close watch on the key support levels.
