PI Network’s PI token has seen a sharp price reversal, dropping over 40% from its recent peak near 30 cents to fall under 20 cents this week. Aggressive selling pressure and a bearish shift in technical indicators have pushed the cryptocurrency into a downtrend, with analysts highlighting a critical support level at $0.15. The failure to hold a spike above the $0.28 resistance signaled underlying weakness, leading to increased sell volume.
The price of PI Network‘s PI token has turned bearish, with sellers aggressively pushing its value under 20 cents. This represents a more than 40% decline from its recent peak near 30 cents.
A brief spike above the $0.28 resistance level proved to be a short-lived bull trap. The price failed to hold that level and quickly reversed course, providing a key signal of weakness.
Sell volume spiked significantly during the recent rally, marking a key reversal signal. Since that point, the price action has established a pattern of lower highs and lower lows.
Analysts note the most likely support level to halt this downtrend is at 15 cents. “It is critical for PI bulls to defend the $0.15 support, as any failure there would erase all recent gains and even open the way for new lows later on.”
The daily MACD indicator turned negative, providing another key signal that momentum was shifting bearish. The downtrend has intensified since that technical shift occurred.
Traders are advised to watch for any possible reversal at the $0.15 support. An early signal would be if the daily MACD histogram stops making lower lows, indicating seller exhaustion.
