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The Pi/USDT trading pair currently trades at $0.89486, reflecting a -2.27% decline within the observed 1-hour timeframe.

Pi Network (PI) price showed signs of recovery on Wednesday, but faced immediate resistance at the $1.00 psychological level.

What's Moving: Pi Network is trading at $0.89486, showing a 21.00% decrease in the past 24 hours with a 48% surge in trading volume to $546 million, according to Benzinga pro.

The PI/USDT trading pair is currently displaying a classic descending triangle pattern on the 4-hour chart, typically a bearish formation where lower highs indicate seller dominance.

Support levels are seen at $0.80 and $1.00, while resistance levels exist at $1.20 and $1.50. The presence of Fair Value Gaps (FVGs) could lead to temporary price retracements to fill these gaps before continuing the existing trend.

At press time, the Relative Strength Index (RSI) stands at 21.79, indicating oversold conditions. A previous dip brought the RSI as low as 15.02, further emphasizing the extreme selling pressure.

If the RSI manages to close above 50, it could signal a shift in momentum in favor of the buyers.

Why Is This Important: The crypto market is known for its volatility, and rapid price movements can be observed in both upward and downward trends.

In the context of a descending triangle, the lower highs suggest that sellers are gradually gaining control, while the flat base of the triangle indicates a temporary pause in the selling pressure.

The Break of Structure (BOS) at the $1.00 support level confirms a continuation of the prevailing downtrend, adding to the bearish sentiment.

An order block (OB) is seen near $1.20, previously serving as a key resistance. Order blocks are often regions where institutions or large traders placed significant sell orders, and the price struggled to break above this level before continuing downward.

Next Stops: The immediate downside target could be the next support level, around $0.80, especially if the bearish momentum persists.

On the other hand, if the market undergoes a relief rally, the $1.00 level might serve as the first major resistance.

A successful break above this could lead to further upside attempts, potentially testing the $1.20 order block.