Pi Coin has fallen 7.4% to $0.354, breaking through the $0.362 support level
RSI indicates increasing bearish momentum with no reversal likely soon
Technical analysis shows a potential drop toward the $0.322 all-time low.
A bullish falling wedge pattern suggests a possible recovery if $0.344 support holds.
Recovery above $0.362 could trigger a breakout toward $0.401, invalidating the bearish outlook.
Pi Coin has struggled to maintain upward momentum, with its price continuing to slide over recent days. The cryptocurrency is now approaching historic lows as bearish pressure intensifies across the market.
The token has fallen by 7.4% over the last 24 hours, currently trading at $0.354. This drop has pushed Pi Coin below the important $0.362 support level, raising concerns about further decline.
Market conditions have worsened for Pi Coin, leading to a downtrend that has prevented any breakout attempts. As selling pressure increases, a drop to its all-time low seems increasingly possible.
Currently, Pi Coin is holding above the local support of $0.344. If this level fails to hold, the token could continue falling toward its historic low of $0.322, representing an 8.9% decline from current prices.
The Relative Strength Index (RSI) for Pi Coin has experienced a sharp downtick, confirming that bearish momentum is gaining strength. Since the RSI has not yet reached the oversold threshold of 30.0, there is little indication of an imminent reversal.
Technical Indicators Point to Mixed Signals
The Moving Average Convergence Divergence (MACD) indicator is nearing a bearish crossover, with the signal line approaching a cross above the MACD line. This potential crossover would mark a change in momentum and reinforce the possibility of further downside.
Despite the current bearish trend, some technical analysis suggests a potential recovery. Pi Coin has formed a bullish falling wedge pattern on the daily chart, which often precedes a positive breakout when the converging trendlines meet.
The token’s price action since February shows a dramatic decline from highs of $2.9935 to current levels near $0.35. A brief recovery in May saw the price reach $1.6640 following the announcement of a $100 million Pi Network Ventures investment fund.
That rally proved short-lived, as the token eventually returned to its downward trajectory. Now trading below all major moving averages, bears appear firmly in control of price action.
If Pi Coin manages to bounce from the $0.344 support level, there is a chance it could reclaim the $0.362 level as support. A successful recovery and breakthrough would invalidate the bearish thesis, potentially triggering a breakout toward $0.401.
Some analysts see the possibility of a stronger recovery. The presence of a double-bottom pattern with a neckline at $1.6640 suggests a target of $1 could be possible if bullish momentum returns.