Pi Network (PI) Price Prediction: Challenges at $0.50 Faced Resistance, K-line Narrowing Indicates Decreased Market Interest

Today (8th) during the Asian afternoon session, the price of Pi Network (PI) is reported to be around 0.45 USD, with long positions facing strong resistance in their challenge to break through 0.50 USD. The price of Pi coin is still in a downward trend, with no signs on the chart indicating that this situation will change soon. Technically, the typical K-line narrowing suggests a decrease in market interest.

Since failing to break through $0.65 at the end of May, the token has been declining and is currently hovering near the support level of $0.45. The price trend is slow, volatility is decreasing, and trading activity is low, which clearly indicates that buyers are hesitant while sellers are still in control.

According to Captain Altcoin, the price of Pi coin is currently hovering below the 9-day moving average, with K-line narrowing, which is a typical sign of reduced market interest. Unless trading volume rebounds, the future trend may continue to consolidate sideways or decline.

Pi coin Technical Analysis

The trend of Pi coin still clearly looks bearish. Since the peak in February, we have seen the highs and lows continually decline, and each rebound is weaker than the last.

After briefly soaring to around $1.40 in May, the Pi coin could no longer hold on. The downward trend line from that period continues to limit every rise of the Pi coin. Unless the price breaks above $0.50 and the trend line, the bears will still dominate.

(Source: Trading View)

Pi coin price prediction scenario

Bullish Scenario: If it breaks through $0.50 and the descending trend line, and is supported by trading volume, it may drive the price up to $0.60 to $0.65. No conclusion has been reached yet.

Neutral Scenario: If the support level at 0.45 USD continues to hold, the price of Pi coin may hover between 0.45 USD and 0.50 USD, while catalysts are waiting or shifting sentiment.

Bearish scenario: A closing price below 0.45 USD on the daily chart could lead to further declines, while 0.30 USD will become the next solid support level.

Summary

The price trend of Pi 幣 is not truly strong, just sliding down under resistance, with weak trading volume and a bearish trend.

As long as the price remains below $0.50 and below that trend line, any rebound may be temporary. Currently, the trend we are in seems to be consolidating between $0.45 and $0.50.