Pi Network plunged by double digits over the past week, even as the broader crypto market shows signs of recovery. The altcoin’s market cap dropped to $4.1 billion, as PI continues to see intense selling pressure.
With bearish pressure intensifying, the token could soon revisit its all-time low near $0.40.
Despite some strength across the broader market, investor sentiment toward PI remains weak, with technical indicators suggesting that its price decline could continue.
The Relative Strength Index (RSI), a key momentum indicator that tracks an asset’s overbought and oversold market conditions, continues to drop, indicating falling demand and growing selling pressure.
At press time, PI’s RSI is in a downtrend at 39.78. This RSI reading indicates weakening momentum and positions the token just above oversold territory, suggesting continued selling pressure could trigger further losses.
Furthermore, Pi Network’s on-balance volume (OBV) has also decreased, pointing to declining accumulation and reduced buyer interest. This indicator is at -1.26 billion at press time, falling by 15% in the past week.
The OBV measures buying and selling pressure by tracking volume flow relative to price movements. When OBV falls like this, more volume is tied to selling than buying. This indicates weakening investor confidence and potential for further price declines.
PI’s plummeting Chaikin Money Flow (CMF) supports the bearish outlook above. At press time, this indicator, which tracks how money flows into and out of an asset, is below the zero line at -0.15.
This negative reading reflects the strength of the sell-side pressure in the PI spot markets. If this trend persists, PI could revisit its all-time low of $0.40.
However, a bullish reversal in the current trend could propel PI’s price to $1.01.
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