Pi's Price Drops 7% Post-Pi2Day, Bears Dominate

Pi's price has been under significant pressure, with bears rejecting recent attempts at a breakout. The cryptocurrency's price has been hovering around the $0.47 support level, a critical juncture for bulls aiming to prevent further declines. The immediate support level is crucial as it has been tested multiple times, and a breach below this point could signal a deeper correction.

The bearish sentiment has been fueled by the failure of key updates to boost momentum, leading to a lack of bullish conviction in the market. The resistance level at $0.66 remains a formidable barrier, and clearing this level would be a significant achievement for the bulls. However, the current price structure indicates lower highs, suggesting that the bears have the upper hand in the short term.

Pi's price has been fluctuating between $0.78 and $1.62, with resistance near $2.13 and support at $0.46. The secondary resistance at $2.98 adds another layer of complexity for bulls aiming to push the price higher. The bears appear to be in control, with the price structure showing a clear downward trend.

The recent rebound of 7% post-Pi2Day has provided some relief, but the macro downtrend remains intact. The upcoming token unlock could trigger over $215M in sell pressure, according to analysts' forecasts, adding to the bearish outlook. The market dynamics suggest that the bears are increasing their short positions, which could lead to a potential short squeeze if the price manages to reverse its trend.

In summary, Pi's price is at a critical juncture, with bulls aiming to hold the $0.47 support level to prevent further declines. The resistance at $0.66 remains a significant barrier, and the upcoming token unlock could add to the bearish pressure. The market dynamics suggest that the bears are in control, but a potential short squeeze could boost the price if the bulls manage to reverse the trend.