Will PI Fall to a New All-Time Low? | Credit: Hameem Sarwar
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Key Takeaways
Pi Network (PI) is less than 10% away from a new all-time low.
The Pi Network price has fallen by 86% since its all-time high.
Can PI mount a bullish trend reversal, or will it fall to new lows instead?
Pi Network (PI) is teetering on the edge of a new all-time low after shedding over 85% of its value since its peak.
Bearish momentum is gaining strength, and only the $0.40 support area is preventing the PI price from falling to a new all-time low today.
Let’s examine the charts and see if PI has any hope of a bullish trend reversal.
PI Price Analysis
The daily time frame analysis shows that the PI price has fallen under a descending resistance trend line since its all-time high in February.
The Pi Coin price fell to a low of $0.40 twice, in April and June, respectively. Both times it bounced, creating very long lower wicks (green icons).
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While the bounces were positive signs, since buyers did not allow the price to break down, they are now exhausted and have failed to initiate another bounce.
The Pi price fell after the latest bounce and nearly broke down from the $0.40 horizontal support area.
If this happens, the PI price will fall to a new all-time low and could continue plunging because of the lack of support.
The next closest Fibonacci support will be $0.082, created by the 1.27 external Fibonacci retracement support level.
Momentum indicators are also showing exhaustion. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are in bearish territory.
They both trend downward, confirming the PI price prediction is bearish and new lows await.
Any Hope For a Reversal?
While the daily time frame predicts a decisively bearish Pi Network price, the six-hour chart offers a modicum of hope for a trend reversal.
The optimism comes from a descending parallel channel in which the PI price has fallen since May.
These channels usually contain corrective movements, so the PI price may bounce once it reaches the support trend line, beginning a bullish trend reversal.
If this happens, the channel’s support will be at $0.38, so the PI price will still reach a new all-time low, but will deviate instead of breaking down.
However, there are no other signs or points that this is the most likely future outlook. Momentum indicators show no sign of a possible trend reversal.
Also, the only valid count that predicts a trend reversal is highly unusual. The count overlaps waves one and four but does not have a diagonal shape.
So, the bearish PI prediction, in which the price breaks down and plunges to a new all-time low, is more likely than the bullish alternative.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
