Pi Network (PI) Price Drops 18% as Market Enters a Challenging Period

Pi Network has been facing a challenging period after its price dropped by 18% in the last 48 hours. This drop has invalidated its recent attempt to recover losses from March.

The price of Pi Network (PI) has dropped by 18% in the last 48 hours, invalidating its recent attempt to recover losses from March. The Relative Strength Index (RSI) is still indicating that bearish momentum is present, and the lack of bullish signals could place the altcoin in a vulnerable position for more corrections.

If the RSI manages to break above the neutral line of 50.0, it could indicate a shift in momentum, but the current lack of buying pressure is evident. Investors are likely to be hesitant to buy Pi Network as it fails to sustain price recoveries, and without a clear bullish signal from the RSI, the risk of further declines remains high.

The Bollinger Bands are also converging, which could be a sign that Pi Network is about to experience a surge in volatility. This contraction is usually a prelude to a breakout or breakdown in price. If the bearish momentum continues, Pi Network could see a steeper decline, signaling the continuation of the current trend.

With the Bollinger Bands squeezing at the moment, there is potential for a rapid price change in Pi Network. As the bearish trend persists, this volatility could drive the price lower, impacting the altcoin’s performance further. The lack of momentum in the broader market contributes to Pi Network’s vulnerability.

PI Price Is Facing A Decline

The price of Pi Network (PI) is currently at $0.613, but it is still stuck below the $0.617 resistance level. After the 18% drop in the last two days, the altcoin remains under pressure. If the price continues to face downward momentum, it may struggle to break through key resistance levels.

The next major support level for Pi Network is $0.519, which could be the next target if the selling pressure intensifies. A drop to this level could be a precursor to further declines, potentially bringing the price below $0.500. This would significantly impact investors holding the altcoin.

However, if Pi Network can reclaim the $0.617 support, it could break the downtrend and rise toward $0.710. Breaching this resistance would invalidate the bearish outlook and could spark a recovery, giving investors hope for a reversal.