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PI Network Price Drops: Bearish Signs Persist
PI Network Price Analysis – Despite a bullish wave sweeping most of the crypto market, PI Network continues to struggle, showing persistent signs of weakness amid selling pressure. With prices hitting fresh local lows and key momentum indicators flashing bearish signals, investors and traders are closely watching whether PI can find buyers near the critical support level at $0.40.
1. Downtrend Dominates PI Network Price Action
While many cryptocurrencies have shifted gears toward upward momentum, PI Network remains trapped in a downtrend. The price action suggests growing difficulty in attracting buyers, with the coin setting new local lows in recent sessions.
The crucial support level at $0.40 is currently acting as a lifeline, holding off further declines—for now. If this floor breaks, it could trigger even deeper losses. Market participants are waiting to see if this support can stimulate renewed buying interest or if the bearish trend will continue.
2. Sellers Hold the Upper Hand — Volume Profile Tells the Story
A glance at PI Network’s volume profile for July paints a clear picture of seller dominance. Out of 16 trading days, 10 ended with red closes, confirming sustained downward pressure.
This selling spree has prevented PI from breaking above its key resistance level at $0.52, a critical hurdle for reversing the downtrend. Until this resistance is decisively breached, the likelihood of a trend reversal remains low.
This dominance of sellers means that momentum is firmly with the bears, keeping the coin’s trajectory on the defensive.
3. Momentum Indicators Signal Bearish Sentiment
Adding to the bleak outlook, momentum indicators like the Relative Strength Index (RSI) have consistently reflected weakness. Over the last two months, the daily RSI for PI Network has stubbornly stayed below the neutral 50-point mark and currently hovers near the oversold threshold at 30.
An RSI reading close to 30 typically signals oversold conditions but also indicates that selling pressure is strong. For a bullish reversal to take shape, the RSI must climb above 50 and sustain momentum above this midpoint.
Until then, the market sentiment remains bearish, and traders should exercise caution.
What’s Next for PI Network?
With support at $0.40 holding steady, the next major milestone for PI Network is to break past resistance at $0.52. Doing so could attract fresh buying interest and potentially shift the momentum toward an uptrend.
However, the current trend, reinforced by dominant sellers and bearish momentum, suggests that PI Network may continue facing headwinds. Investors should closely monitor volume and RSI levels for early signs of a potential reversal.
While many cryptocurrencies enjoy bullish rallies, PI Network remains caught in a challenging downtrend. The key support level of $0.40 is a critical barrier that could decide whether the coin stabilizes or falls further. With sellers controlling the volume and momentum indicators firmly bearish, patience and caution are advised as PI Network attempts to regain footing.
Despite the bearish outlook, some analysts suggest that a breakout above the key resistance level at $0.52 could signal a shift in momentum. If buyers manage to push the price past this barrier with strong volume, it may attract renewed interest and encourage traders to re-enter the market. Additionally, external factors such as positive developments in the broader crypto market or news related to PI Network’s technology or partnerships could help spark a recovery and break the current downtrend.
Investor sentiment remains cautious as the prolonged weakness has led many holders to stay on the sidelines or sell at lower prices. The Relative Strength Index (RSI) hovering near 30 indicates oversold conditions but does not guarantee an immediate bounce. For a sustained uptrend, the RSI must rise above 50 and maintain strength, signaling growing buying pressure. Until then, traders should watch for signs of consolidation or a clear break above resistance before expecting any meaningful price gains in PI Network.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
