Pi Coin continues to decline continuously despite the cryptocurrency market as a whole witnessing unprecedented growth, with Bitcoin reaching a new high of $118,000 and Ethereum surpassing $3,000.
The token that once attracted millions of followers is now trading at $0.465, close to its all-time low of $0.400.
Even the recent Pi2Day celebration could not generate momentum for this struggling altcoin, which has fallen sharply by 26.4% in the past two weeks.
Technical indicators paint an increasingly pessimistic picture for Pi Network. This cryptocurrency has established a negative correlation of -0.27 with Bitcoin, meaning it is moving in the opposite direction of the market-leading coin.
Technical outlook: Pi Network remains pessimistic – But a breakout could turn the tide.
Pi Network is still stuck in a strong downtrend, trading within a defined descending channel since the peak after its launch. Every attempt at a price increase has failed at the upper boundary of the channel, reinforcing it as a strong resistance zone.
The volume chart also shows weak participation, with declining volume throughout the downtrend, indicating low confidence among buyers.
Nevertheless, the RSI has risen to 55.46 – a neutral but improving signal, indicating that momentum is starting to change.
Although the current setup still trends downward, a confirmed breakout on the descending channel could trigger a strong reversal.
In that scenario, PI could target significant resistance levels of $0.98, $1.38, and $1.67 – with the potential for sustainable recovery if bullish momentum builds.