Pi Network Price Drops 25% to 50 Cents, Bearish Trend Continues

Pi Network's price has been on a downward trajectory, with sellers dominating the market. Despite attempts by buyers to halt the decline with a relief bounce to 67 cents, sellers quickly reversed these gains, indicating a bearish trend. The price is currently hovering around 50 cents, and if this key level is breached, Pi Network could potentially reach new lows.

The strongest support level on the chart is at 40 cents, which is some distance away from the current price. However, if buyers fail to maintain the price above 50 cents, a test of this support level becomes likely. Historically, this price point was tested during the escalation of conflict in the Middle East on June 13th.

Analyzing the 4-hour Relative Strength Index (RSI) reveals a clear downtrend with lower lows and lower highs. There are currently no signs of a potential reversal, suggesting that the price is likely to continue its downward movement in the coming days. Buyers may not return until the RSI reaches the oversold area under 30 points.

Key support levels to watch are 50 cents and 40 cents, while key resistance levels are 52 cents and 67 cents. The ongoing downtrend and lack of reversal signals indicate a bearish outlook for Pi Network's price in the near term.