Pi Coin Price Drops 1.98% in 24 Hours, Bearish Trend Continues

Pi Coin's price has been in a downtrend, currently trading at $0.4570. After failing to surpass $0.65 in May, the token has been declining and is now holding onto the $0.45 support zone. The price action is slow, with low volatility and minimal trading activity, indicating that buyers are hesitant while sellers maintain control.

As of July 8, Pi Coin's price is $0.4564, reflecting a 24-hour change of -1.98%. The 9-day moving average stands at $0.4846, and the volume remains weak. The price is just below the 9-day SMA, with candles getting smaller, suggesting fading interest. Unless volume increases, the price is likely to continue its sideways or downward movement.

The overall trend for Pi Coin remains bearish, with lower highs and lower lows since the February peak. Each bounce has been weaker than the last, and the descending trendline from the May spike near $1.40 continues to cap upward movements. Unless the price breaks above $0.50 and the trendline, sellers will remain in control.

Technical indicators on the daily timeframe support the bearish outlook. The MACD shows a bearish crossover with a weak trend, the ADX indicates a strong trend strength confirming the downtrend, the CCI shows bearish momentum near oversold levels, the RSI is weak and approaching oversold, the ROC shows strong negative momentum, and the Bull/Bear Power indicates bearish pressure slightly outweighing bulls. All key indicators align in bearish territory, with no signs of reversal.

In the bullish scenario, a break above $0.50 with heavy volume support could propel the price towards $0.60–$0.65. In the neutral scenario, if support at $0.45 holds, the price could hover between $0.45 and $0.50 while awaiting a catalyst or shift in sentiment. In the bearish scenario, a close below $0.45 could lead to a further downtrend with $0.30 as the next solid support level.

Overall, Pi Coin's price is moving without significant strength, coasting under resistance with weak volume and a bearish trend. As long as it stays below $0.50 and under the trendline, any bounce is likely to be short-lived. The price is expected to continue its sideways movement between $0.45 and $0.50.