The price of Pi Network continues to decline, with analysts monitoring key support and resistance levels.
Sellers Dominate
Even if buyers attempted to stop the ongoing downtrend with a strong relief bounce to 67 cents, sellers immediately returned and reversed the recent gains in full. This is a bearish signal and the price is now found around $0.50. If this key psychological level is lost as well, then PI could make new lows.
Downtrend Continues
The strongest support on the chart is found at 40 cents. This level is quite some distance away from the current level, but if buyers fail to hold the price above $0.50, then a test of this support becomes likely. In the past, this price point was tested on June 13th when the conflict in the Middle East escalated.
RSI Shows Lower Lows
Another way to look at the current downtrend is to use the 4H RSI. This shows a clear downtrend with lower lows and lower highs. There are no signs of a possible reversal yet which suggests the price is likely to continue down in the coming days. Buyers may not return until the RSI reaches the oversold area under 30 points.
In conclusion, the current market situation for Pi Network indicates a continuation of the bearish trend. It is essential to closely monitor key support and resistance levels.
