Pi Network's token (PI) is experiencing a pronounced downtrend, moving within a descending parallel channel since late May. Following a failed rebound attempt in early May, PI has lost significant buying momentum and plunged about 40% since May 22, suggesting sustained selling pressure.
Technical indicators reinforce this bearish outlook. The Moving Average Convergence Divergence (MACD) remains below its signal line, indicating continued negative momentum. Additionally, the Super Trend indicator places dynamic resistance above the current price, further signaling a dominant downtrend.
At the time of reporting, PI trades near $0.49, dangerously close to breaching the lower boundary of its descending channel. Such a breach could trigger intensified declines, potentially sending the price back to its all-time low of $0.40. Meanwhile, weekly technical analysis shows sellers control most June trading days, with 70% closing in red. The Relative Strength Index (RSI) indicates oversold conditions under 30, suggesting sellers may be exhausted, although a reversal is unlikely without increased buy volume.
Token holders and market watchers hope for a positive shift during the upcoming Pi2Day scheduled for June 28, anticipating major announcements and ecosystem updates that might stimulate buying interest and help break the token out of its bearish channel toward resistance levels around $0.52 to $0.79.