Pi Network analysis shows bearish setup with fading volume | Credit: Hameem Sarwar
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Key Takeaways
Technical indicators, including the MFI and RSI, suggest that PI is oversold.
Trading volume has plunged from $3 billion in February to under $100 million.
Both daily and 4-hour charts show the PI coin trapped in a descending triangle.
PI, Pi Network’s native cryptocurrency, is at risk of a deeper capitulation. Once trading near $3, the cryptocurrency has experienced a notable decline, shedding 15% in the past week.
With market volatility tapering off, the PI Network price now hovers just 37% above its all-time low.
But there is a twist: indicators show PI is extremely oversold — a condition that precedes a rebound. Yet, despite this setup, a meaningful recovery looks unlikely. Here’s why.
PI Coin Continues to Sink
PI’s price has remained locked in a descending triangle, a bearish continuation pattern, for several weeks. At the time of writing, the coin clings to horizontal support at $0.55, a critical level for bulls to defend.
Despite the ongoing pressure, two key indicators reveal that PI is deeply oversold.
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The first warning sign is the Money Flow Index (MFI), which measures volume-weighted buying and selling pressure.
An MFI reading above 80 indicates overbought conditions, while a drop below 20 points indicates an oversold asset. As of this writing, the MFI has plunged near the oversold region, suggesting intense sell-side dominance.
Like the MFI, the Relative Strength Index (RSI), which measures momentum, is also close to the oversold point. The asset becomes oversold for the RSI when the reading is below 30.
As seen below, the current rating is close to that. Due to this position, the Pi Network price will likely remain below the $0.85 overhead resistance.
Failure to retest this region means the cryptocurrency might struggle to move close to the $1 psychological region.
Like the setup on the daily chart, PI’s 4-hour chart reveals continued pressure beneath a falling trendline, reinforcing the bearish structure.
Compounding the concern, the Bull Bear Power (BBP) indicator remains negative — a sign that sellers still dominate the market, while buyers struggle to regain control.
If this trend holds, the Pi Network price risks breaking below its current support, potentially triggering a drop to $0.40, its all-time low.
However, an increase in trading volume could flip the narrative. If buying interest picks up, PI may break above the descending trendline.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
