Pi Network crash alert! Pi coin is just one step away from its historical low, and the bearish trend may continue.

Once regarded as a potential rising star, Pi Network (PI) is now caught in a continuous downward spiral. The price of Pi coin has recently fallen consecutively, approaching historical lows, with both technical indicators and market sentiment leaning bearish. Although some investors still hold onto hopes of a rebound, the current trend suggests that the decline of Pi coin is far from over.

Pi coin is under heavy selling pressure

(Source: Trading View)

In recent days, the price of Pi coin has continued to decline, with market confidence continually being undermined. The latest data shows that in the past 24 hours, Pi coin has fallen by 7.4%, with a quote of approximately 0.354 USD, and has broken below the key support level of 0.362 USD.

Currently, the Pi coin is hovering just above the local support level of 0.344 dollars. Once it breaks this level, the price could approach the historical low of 0.322 dollars, indicating there is still nearly 9% of downside potential.

Technical Analysis: RSI and MACD Issued a Warning

(Source: Trading View)

The Relative Strength Index (RSI) continues to decline, indicating that bearish strength is increasing. Although the RSI has not yet entered the oversold territory, the lack of buying support makes the rebound momentum extremely limited.

At the same time, the MACD technical indicator also shows obvious bearish signals, with the short-term moving average crossing below the long-term moving average, suggesting that the price may fall further.

Potential Rebound Conditions and Resistance Levels

(Source: Trading View)

If the Pi coin can find support at $0.344 and rebound, the short-term target will return to $0.362. Once it breaks through that level, it will be expected to challenge the upper resistance at $0.401 and temporarily reverse the bearish pattern.

However, in the absence of significant positive news and capital inflow, the probability of this Rebound is not high.

Investor Sentiment and Market Outlook

Currently, the market sentiment leans towards caution and even pessimism, with many coin holders choosing to wait and see or reduce their positions. Unless there is a significant fundamental turnaround, such as the rapid advancement of Pi Network's ecosystem applications, it is likely that prices will struggle to escape downward pressure in the short term.

Conclusion

Pi Network is currently facing a triple challenge of price, technical aspects, and market confidence. If the support at 0.344 USD is lost, Pi coin may refresh its historical low and continue the bearish trend. Investors should closely monitor the changes in technical indicators and key price levels, and remain cautious in a market with increasing volatility.