Bears Tighten Grip as Pi Approaches Critical Support

Pi Network (PI) is edging closer to the \$0.3700 mark, aligning with the neckline of its Adam and Eve formation.

Over the past 24 hours, trading activity has declined by about 30%, suggesting traders are adopting a wait-and-see stance. Similar to the mid-July setup, where the bullish neckline gave way and triggered a 10% slide, the current technical setup hints at a possible repeat.

After hitting \$0.4661 on Sunday, PI slipped under \$0.4000 by Tuesday, painting a bearish technical outlook. The 4-hour chart shows the previous breakout from the Adam and Eve pattern failing to hold above the 200-period EMA at \$0.4253, sparking a downward reversal that breached both the \$0.4000 level and the 50-period EMA at \$0.3884.

This price action mirrors July’s move when PI fell from the 200-period EMA, broke below its neckline at \$0.4734, and extended losses by 10%. If the current retracement reaches \$0.3700 and breaks down, a further drop toward last Wednesday’s low of \$0.3334 is possible.

The 4-hour RSI is at 43 and falling, indicating bearish momentum with room for more downside before oversold levels. Meanwhile, the MACD lines are declining after Monday’s sell signal, and the growing red histogram below zero reinforces bearish sentiment.

For bulls to regain control, PI must climb back above \$0.4000, with the 200-period EMA at \$0.4253 acting as the next key resistance.

\#pi #PiCoreTeam #CPIWatch #BTCReclaims120K #CryptoIn401k