The price of PI Network’s digital asset, PI, has broken below a critical $0.16 support level, raising concerns of a renewed downtrend. Analysis indicates sellers have taken control, pushing the price toward $0.15 with weak buy volume present. Technical indicators show the daily RSI has entered oversold territory, which may lead to a short-lived bounce, but a test of the all-time low at $0.13 remains a likely scenario.
PI Network‘s digital asset has broken a key support level, signaling potential trouble for buyers. The price fell below $0.16 after sustained selling pressure began late last week, turning that level into resistance.
This breakdown could indicate a resumption of the macro downtrend that had paused in February. To confirm this trend, the price would need to make a lower low under the $0.13 level.
Bears have dominated price action since the support was lost, driving the value down to $0.15. Buyers appear to be making a stand at this level, but their conviction is considered weak due to low buy volume.
If buyers cannot soon reverse the momentum, the cryptocurrency will likely test its all-time low at $0.13. A re-test of that support could act as a bearish signal encouraging further selling.
Nonstop selling over five days has pushed the daily Relative Strength Index (RSI) below 30, entering oversold territory. This condition could attract buyers anticipating a technical bounce.
Sellers may need a pause before resuming their pressure, potentially giving buyers an opening. However, any bounce may be temporary, with a test of the $0.13 support remaining probable.
