Pi Network’s Recent Performance
The Pi Network has continued its downtrend, slipping 5% in the past 24 hours despite a general market rally. This downturn indicates a significant weakening of buying pressure, as traders seem to shift their focus away from Pi. The recent decline is compounded by a decrease in market participation, suggesting that Pi’s allure is diminishing among investors.
Technical Indicators Highlight Concerns
Key technical indicators reinforce a bearish outlook for Pi Network. The on-balance volume (OBV)—which tracks buying and selling pressure—has been steadily falling, now sitting at an all-time low of -845.93 million. This trend reflects a staggering decline of over 2000% since early March, indicating that the number of traders offloading their Pi assets exceeds those accumulating. As the OBV plunges, so does the buying activity, leading to increased sell-offs and heightened downward pressure on the price.
Chart Patterns and Future Predictions
Further analysis reveals that Pi has been trading within a descending parallel channel, a consistent pattern of lower highs and lower lows. This suggests a sustained bearish trend, where sellers dominate and significant upward momentum is stifled. If Pi breaks below the channel, the price may decline further, potentially dropping to $0.62. Conversely, a resurgence in buying activity could allow for a rally towards $1.13. Investors will need to closely monitor these trends as the situation continues to develop.
