Pi Network’s PI Drops 14% in 24 Hours, Bearish Trend Continues

Pi Network’s PI has experienced a significant decline, with its price dropping by 14% over the past 24 hours. This downward trend has been ongoing since the beginning of March, indicating a sustained bearish momentum in the market. The altcoin has been trading within a descending parallel channel, a pattern that typically suggests continued downward movement. This pattern is characterized by two downward-sloping parallel trendlines, creating a series of lower highs and lower lows. This structure indicates that sellers are consistently pushing prices lower, while buyers are unable to establish higher price levels.

The Super Trend Indicator has also flashed a sell signal, further confirming the bearish outlook for PI. This momentum indicator currently forms dynamic resistance above the token’s price at $2.23. The Super Trend Indicator tracks the direction and strength of an asset’s price trend, changing color to signify the trend: green for an uptrend and red for a downtrend. When an asset’s price trades below its Super Trend indicator, it signals a bearish trend, indicating a decline in buying pressure. Traders interpret this as a sell signal or a warning to exit long positions and take short ones.

If the selling pressure continues to gain momentum, PI risks further declines. In this scenario, the altcoin could fall toward $1.05 in an attempt to break below its descending parallel channel. This would signal an acceleration of the current downtrend, indicating that selling pressure has intensified and that PI bears have taken full control. This could increase the likelihood of further declines as support levels fail to hold.

However, if accumulation resumes and bullish pressure spikes, PI could reverse its current trend and climb to $1.34. This would require a significant shift in market sentiment, with buyers regaining control and pushing prices higher. Such a reversal would be a positive sign for the altcoin, indicating that the bearish trend may be coming to an end.