Pi Coin Plummets 26.4% as Broader Market Soars

Pi Coin, a cryptocurrency that once garnered significant attention and a large following, is currently experiencing a steep decline in value. Despite the broader cryptocurrency market witnessing substantial gains, with Bitcoin reaching new highs of $118,000 and Ethereum surpassing $3,000, Pi Coin continues to struggle. The token is now trading at $0.465, perilously close to its all-time low of $0.400. This downward trend has been relentless, with Pi Coin suffering a 26.4% decline over the past two weeks, even as the broader market rallies.

The recent Pi2Day celebration, an event aimed at boosting the token's momentum, failed to have the desired effect. The technical indicators for Pi Network are increasingly bearish, with the cryptocurrency showing a negative correlation of -0.27 with Bitcoin. This means that Pi Coin tends to move in the opposite direction of the market leader, Bitcoin, which is currently experiencing a bullish trend.

Pi Network is currently locked in a firm downtrend, trading within a descending channel that has defined its price action since its post-launch peak. Each attempt to rally has been met with resistance at the upper boundary of the channel, reinforcing it as a strong resistance zone. The volume profile shows muted participation, with declining volume throughout the downtrend, suggesting that buyer conviction remains low. Despite this, the Relative Strength Index (RSI) has climbed to 55.46, indicating a neutral but improving signal that could suggest a shift in momentum.

While the current setup still leans bearish, a confirmed breakout above the descending channel could trigger a sharp reversal. In such a scenario, Pi Coin could target key resistance levels at $0.98, $1.38, and $1.67, with the potential for a sustained recovery if bullish momentum builds. However, given the current market conditions and the token's recent performance, this remains a speculative outcome.