After a sharp 15 percent gain this week, Pi Coin has hit a major resistance at the 0.40 dollar mark. Two failed attempts to break higher have been met with strong selling pressure, and trading volume has dropped 26 percent, creating a clear price,volume divergence.
This signals that the rally may be running on fumes, with fewer buyers stepping in to sustain the move.
Technical indicators echo the caution. The Elder-Ray Index shows bearish control, suggesting sellers still dominate. Pi now sits in a tight range between its 0.40 resistance and a key support zone. Failure to break higher could see a drop back toward its all-time low of 0.32, while a clean breakout above resistance could open the path to 0.46 and flip the narrative bullish.
For now, the chart tells a story of a rally losing steam. Unless new demand enters the market, the bulls risk losing their grip and momentum could shift in favor of the bears.
$PI