Pi Network (PI) has recently experienced a pronounced downtrend, culminating in the formation of a new all-time low (ATL). Although the cryptocurrency witnessed a modest price bounce from these lows, it has yet to demonstrate any meaningful shift away from its prevailing bearish trajectory.

Investor Sentiment Turns Cautious

Market sentiment around Pi Network remains predominantly negative. The combination of its recent price performance and deteriorating broader market conditions has eroded investor confidence. As a result, most participants are adopting a wait-and-see approach, hesitant to re-enter the market without a clear catalyst for recovery.

This persistent skepticism is rooted in the absence of significant developments or positive news capable of driving upward momentum. Without fresh incentives, the market outlook for Pi remains subdued.

Technical Indicators Point to Weakness

Technical analysis further reinforces the bearish narrative. The Relative Strength Index (RSI) for Pi Network has lingered in bearish territory for more than three weeks, remaining well below the neutral 50.0 level. This sustained weakness highlights the ongoing lack of buying pressure and suggests that the asset continues to struggle to generate any bullish momentum.

The extended duration of the RSI’s bearish positioning reflects broader challenges within the Pi Network ecosystem, signaling that a trend reversal is unlikely in the short term unless accompanied by a substantial shift in sentiment or external market dynamics.

Price Outlook: Support and Resistance Levels

At present, Pi Network is trading at approximately $0.56, hovering just above a key support level of $0.50. The $0.70 mark remains a formidable resistance that Pi has repeatedly failed to surpass. Notably, the recent drop to an all-time low of $0.40 underscores the currency’s ongoing difficulty in maintaining upward momentum.

Should Pi fail to hold the $0.50 support level, further downside risk may emerge, potentially leading to the formation of a new ATL. Continued consolidation within the current range seems the most probable near-term scenario unless a shift in market sentiment occurs.

Conversely, if broader market conditions improve or Pi Network introduces impactful developments, the asset could gain enough support to challenge the $0.70 resistance level. A decisive breakout above this threshold would need to be followed by a sustained move toward $0.87 to invalidate the current downtrend and signal a potential bullish reversal.

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