Pi Network (PI) has decreased by more than 8.5% over the past seven days. It traded below $0.65 for six consecutive days, but today it fell below $0.60. The trend remains weak as the price action is stuck below the Ichimoku cloud.
The Relative Strength Index (RSI) of the altcoin briefly rose above 50, but has since dropped back down to 45, indicating a reduction in bullish momentum. Exponential moving averages (EMA) remain bearish. It is fluctuating slightly above key support, and the next move could determine whether there will be a deeper decline or potential recovery.
Pi Network is facing bearish pressure below the Ichimoku cloud.
Pi Network is still trading below the Ichimoku cloud, signaling a bearish market structure overall. However, a potential shift may be developing as the blue Tenkan-sen line (conversion line) has recently crossed above the red Kijun-sen line (base line).
This crossover is often seen as an early bullish signal, especially if confirmed by an increase in volume or movement into the cloud.
Despite this, the future cloud remains red, indicating further resistance ahead and signaling that the broader trend is still under pressure. The Chikou Span line (lagging line) remains below both the price candles and the cloud. This means that any upward movement is not yet confirmed.
For a true trend reversal, PI must enter the cloud and rise above it. The future cloud must also turn green, with all Ichimoku signals aligning towards bullish sentiment.
Currently, the setup shows indecision. There is a short-term bullish crossover, but the price is still below the cloud, and the broader trend remains bearish.
The momentum of Pi Network is slowing down as the RSI dips below 50.
The Relative Strength Index (RSI) of Pi Network currently stands at 45.41, decreasing after a sharp rise from 28.49 to 54.40 just two days ago. This indicates a slowdown in momentum following a brief recovery.
A pullback from above the 50 level suggests a weakening of buyer pressure, and PI is entering a more neutral zone where neither bulls nor bears have full control.
A sharp reversal also reflects uncertainty in the current price trend. The Relative Strength Index (RSI) is a momentum oscillator that ranges from 0 to 100, and is typically used to identify overbought or oversold conditions.
Readings above 70 indicate that the asset may be overbought and due for a correction, while readings below 30 indicate oversold conditions and the potential for a bounce. Values between 30 and 70 are considered neutral, with 50 as a key pivot point.
The current RSI of PI at 45.41 is below this threshold, hinting at a slight bearish tilt if the indicator does not turn back up. If the RSI continues to decline, it could reflect increasing selling pressure and the risk of further price weakening.
Pi Network is fluctuating around key support with bearish exponential moving averages (EMA).
The price of PI is trading slightly above the key support level of $0.59, with increasing bearish pressure.
If this level is tested and broken, the next important support levels are at $0.547 and $0.40, which could potentially expose the token to a deeper correction. Exponential moving averages (EMA) remain in a bearish alignment, with short-term EMAs positioned below long-term ones. This structure typically signals that the broader trend is still downward.
However, if the trend reverses and buyers step in, PI could rise to test resistance at $0.648 and then $0.682.
A breakout above both levels - especially if supported by volume and a bullish EMA crossover - could push the price to $0.789, signaling a shift to a more sustainable upward trend.#BinanceSquare #Write2Earn #Binance #crypto #trading $ETH