Pi Network Price Plunges 22%

Pi Network Price Slumps Amidst Market Sell-Off

The Pi Network's native token, PI, experienced a significant price decline, plummeting 22% in the past week. At press time, it reached a seven-day low of $0.61, reflecting a broader bearish sentiment within the cryptocurrency market.

Technical Indicators Point to Bearish Momentum

The overall cryptocurrency market capitalization also saw a 5% drop, losing over $170 billion in the last seven days. This widespread pullback negatively impacted PI, exacerbating existing sell-offs. The Bollinger Band Trend (BBTrend) indicator shows a consistent negative trend (-4.52), suggesting increasing bearish momentum and sustained selling pressure. PI's price consistently closes near the lower Bollinger Band, indicating potential for further decline.

Furthermore, the Smart Money Index (SMI) has decreased, suggesting a withdrawal of institutional investors. This is often viewed as a precursor to larger price drops. The chart below shows a clear downward trend.

Key Support Level at $0.55—Will Bulls Prevail?

The current market situation indicates PI could experience further losses. The critical support level sits at $0.55. A breach of this level could push PI towards its all-time low of $0.40. However, a surge in buying pressure could reverse the trend, potentially pushing the price to $0.86. The following chart details the price analysis.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct thorough research and seek professional advice before making any investment decisions.

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