TLDR
- Pi Network price falls 7.4% to $0.354, breaking below $0.362 support level
- Technical indicators show bearish momentum with RSI declining and MACD approaching negative crossover
- Cryptocurrency risks testing all-time low of $0.322 if current support fails
- Falling wedge pattern on daily chart suggests potential bullish reversal opportunity
- Exchange listings and token burn events could serve as major price catalysts
Pi Network price action continues to disappoint investors as the cryptocurrency trades near its lowest levels since launch. The token experienced a sharp 7.4% decline over the past 24 hours, bringing its current price to $0.354.
This latest drop pushed Pi Network below a crucial support zone at $0.362. The breakdown represents a concerning development for holders watching price action deteriorate.
Market sentiment for Pi Network remains weak based on key technical indicators. The Relative Strength Index has declined sharply, reflecting growing selling pressure among traders.
The RSI currently sits well above oversold territory at 30.0. This positioning suggests additional downside movement could occur before any meaningful bounce materializes.
Pi Network’s Moving Average Convergence Divergence indicator tells a similar story. The MACD is approaching a bearish crossover that would confirm negative momentum.
Critical Support Level Under Pressure
Pi Network price currently finds support at the $0.344 level. This zone represents the last line of defense before the cryptocurrency tests its all-time low.
Should the $0.344 support fail to hold, Pi Network could decline to $0.322. This historic low would mark a further 8.9% decrease from current trading levels.
The path to $0.322 would confirm the bearish trend that has dominated Pi Network trading. Bears have maintained control as the token struggles to generate buying interest.
Pi Network has declined dramatically from its February peak of $2.9935. The cryptocurrency attempted recovery in May, reaching $1.6640 before resuming its downtrend.
The May rally coincided with Pi Network announcing its $100 million Ventures fund. This initiative aims to support blockchain startups building within the Pi ecosystem.
PI Network Price Prediction
Despite bearish indicators, some chart formations point toward potential upside. Pi Network has developed a falling wedge pattern on daily timeframes.
Falling wedges typically precede bullish breakouts when trendlines converge. This technical setup suggests Pi Network could reverse its current downtrend.
The cryptocurrency trades below all major moving averages currently. This positioning confirms that bears maintain short-term control of price direction.
A successful defense of $0.344 support could change the narrative. Recovery above $0.362 would invalidate the bearish outlook and target $0.401.
Catalysts Could Drive Price Higher
Several developments could impact Pi Network price moving forward. Major exchange listings represent the most powerful potential catalyst for upward movement.
Binance, Coinbase, and other tier-one exchanges would provide access to millions of new investors. Historical data shows cryptocurrencies often surge following major listing announcements.
Token burn events offer another pathway to higher prices. Pi Network could benefit from reducing circulating supply through strategic burn programs.
The project has launched various initiatives including Pi AI Studio. However, these developments have failed to generate sustained price momentum.
Pi Network currently trades at $0.354 as investors monitor whether support levels will hold or break.
