Pi Network Drops Below Key Levels Amid Selling Pressure
Key Takeaways
Pi Network (PI) is under pressure. The token has lost value in recent days, and market sentiment remains negative. Technical indicators suggest a continued downward trend. The psychological level of 1 US dollar may play a role in the short term, but a sustainable hold at this level seems unlikely.
Downtrend Continues
PI’s price movement shows a clear downward trend. At the beginning of the month, the token failed to break the 2-dollar mark, followed by a lower high at 1.87 dollars and a lower low at 1.23 dollars. Shortly before press time, the price fell below this last low, confirming the negative market structure.
A look at February’s price movements reveals support zones at 0.93 dollars and 0.65 dollars. The 1-dollar mark could act as psychological support in the short term, but a sustainable hold remains questionable.
Technical Indicators Show Weakness
Several technical indicators point to a continuation of the downtrend:
– The On-Balance Volume (OBV) indicator is reaching new lows, indicating continued selling pressure.
– The Awesome Oscillator shows strong negative momentum.
– Trading volume has increased, suggesting an attempt to stop the price decline – so far without success.
Negative Market Sentiment Increases Selling Pressure
Another important factor is the funding rate in the derivatives market. It has remained negative for the past five days. This means that short positions dominate, and sellers are willing to pay fees to bet on further price declines.
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These market conditions could lead to a short-term recovery as liquidity is sought for short positions. However, the overall trend remains bearish, as demand for PI is low.
Our Assessment
Technical analysis and market sentiment suggest that PI is unlikely to stabilize at 1 dollar. As long as selling pressure persists and no new buying momentum emerges, the risk of further losses remains high. Investors should exercise caution and closely monitor price developments.
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