Pi could plunge below $0.22 amid a steep downward trend: Explore the latest forecasts.

Key Insights

• The price of PI has declined by 2% in the last 24 hours and may fall below $0.22 if the downward trend continues.
• Technical indicators suggest a short-term risk for investors.

PI Price Faces Potential Decline Due to Poor Technical Conditions

The Pi Network (PI) has struggled over the past three days, threatening to breach a crucial support trend line. On-chain data indicates rising selling pressure as Centralized Exchanges (CEX) see increased inflows.

According to data from PiScan, user deposits on verified CEXs within the Pi Network totaled 2.75 million PI tokens in the last 24 hours. This figure significantly exceeds the 1.76 million tokens withdrawn, indicating a net outflow, suggesting that investors might be liquidating their holdings.

Will the Pi Network Drop Below the Support Level of $0.22?

The 4-hour PI/USD chart shows bearish tendencies, with PI losing 2% of its value over the last day. The cryptocurrency is moving towards a localized support trend line formed from the lows of October 22 and November 4.

At the time of writing, PI is trading at $0.2267 and is currently on a downward trajectory. Technical indicators are bearish, indicating potential further declines. The RSI at 37 suggests that PI is approaching oversold territory if the trend persists. Additionally, the MACD lines remain in the bearish region.

If the trend continues, PI could drop below Monday’s low of $0.2204, with another significant support level around $0.1919.

However, if bullish momentum returns, PI could aim to reclaim the previous week’s high of $0.2841. A sustained bullish phase could allow PI to target the low of August 1 at $0.3220.

Despite this potential, current market conditions remain bearish, suggesting PI may underperform in the coming days.