Pi Bears Circle as Price Nears Critical Support Level
Pi Network (PI) is under pressure as its price drops toward a key support zone near $0.3700, the neckline of the Adam and Eve pattern. Trading volume has also declined by 30% over the past 24 hours, pointing to fading market interest.
Following a weekend high of $0.4661, PI has slipped below $0.4000 by Tuesday. The outlook is turning bearish, with a potential 10% correction on the table—similar to the drop seen in mid-July when the same bullish pattern broke down.
PI has fallen nearly 3% on Tuesday alone, extending losses from Sunday’s 9% plunge. The 4-hour chart shows a failed rally above the 200-period EMA at $0.4253, leading to a sharp reversal. The break below $0.4000 and the 50-period EMA at $0.3884 confirms growing bearish momentum.
The sharp drop in trading activity signals a wait-and-see attitude among traders. The current price action closely mirrors July’s failed breakout when the neckline at $0.4734 collapsed, triggering a 10% fall. With PI approaching the $0.3700 neckline again, a similar move could occur, and investors should stay cautious.
If PI breaks below $0.3700, a further 10% decline could send it toward last Wednesday’s low of $0.3334.
Momentum indicators back the bearish view—the 4-hour RSI has dipped below the midpoint to 43, showing room for further downside. The MACD is also bearish, with fading moving averages and red histogram bars growing below zero.
For any bullish recovery, PI needs to reclaim the $0.4000 level, which would open the path to retest the 200-period EMA at $0.4253.