PI Has Continued Its Downtrend, Slipping 5% in the Last 24 Hours Despite the General Market Rally Recorded Over the Past Day.

PI has continued its downtrend, slipping 5% in the last 24 hours despite the general market rally recorded over the past day.

The price of (PI) has slipped by 5% in the last 24 hours despite the general market rally recorded over the past day.

The altcoin’s downturn signals a slight shift in trading activity as traders appear to be concentrating on different assets.

Key technical indicators also highlight a bearish outlook for PI. Its On-Balance-Volume (OBV), which tracks buying and selling pressure, has been steadily decreasing, indicating a decline in market participation and liquidity.

As of this writing, PI’s OBV stands at an all-time low of -845.93 million, decreasing by over 2000% since the beginning of March.

When an asset’s OBV plunges like this, it indicates a decline in buying activity and increasing selloffs. This suggests that more PI traders are offloading the asset than accumulating it, incrementing the downward pressure on its price.

The technical analysis indicates that PI has remained in a descending parallel channel, a pattern that showcases a sustained downward trend. According to analysis of the PI/USD one-day chart by Ben Armstrong, PI has traded within this bearish pattern since reaching an all-time high of $3 on February 26.

A descending parallel channel is formed when an asset’s price moves between two downward-sloping parallel trendlines. This structure indicates a consistent pattern of lower highs and lower lows, suggesting a sustained bearish trend. In this pattern, token sellers have more power and prevent the token from gaining momentum.

The pattern hints that PI’s price may continue to decline until it breaks out of the channel or finds strong support.

If PI’s sellers exert more strength and succeed in pushing its price below the descending parallel channel, then the token’s downtrend gains momentum, pushing its price to $0.62.

But if the bulls regain dominance and buying activity spikes, PI could reverse its current trend and rally toward $1.13.