Key takeaways
- CryptoQuant’s taker Cumulative Volume Delta (CVD) shows a persistent negative trend over the past 90 days for PI.
- The coin is down 4.5% in the last 24 hours and now trades below $0.1300.
PI extends losses amid weak market conditions
Pi Network (PI) traded in the red on Tuesday, falling below the $0.1300 level as selling pressure intensified across the broader crypto market.
The token is now testing a breakdown of a rising support trendline, signaling growing bearish momentum.
Market data suggests that sellers remain firmly in control in the spot market. CryptoQuant’s taker Cumulative Volume Delta (CVD) shows a persistent negative trend over the past 90 days, indicating that sell orders have consistently outweighed buy orders. This pattern points to sustained distribution and weakening demand for PI.
At the same time, broader market sentiment is also deteriorating. The CoinMarketCap Fear and Greed Index currently sits at 20, reflecting “Extreme Fear” conditions.
Such risk-averse environments often weigh heavily on speculative and community-driven assets like Pi Network.
PI technical breakdown signals bearish shift
Pi Network has extended its bearish structure after dropping below the 50-period Exponential Moving Average (EMA) at $0.1335 on the 4-hour chart, as well as the $0.1300 psychological level.
The breakdown below a rising support trendline near $0.1300 is a key technical development, with a confirmed close beneath this level potentially validating a bearish reversal.
Following the breakdown, price action now risks deeper declines toward key Fibonacci levels. Immediate downside focus lies at the 78.6% retracement level near $0.1251, based on the move from $0.1532 to $0.1184.
If selling pressure continues, the next support levels include the swing low at $0.1184, followed by the 127.2% Fibonacci extension around $0.1103.
Technical momentum indicators continue to favor sellers. The Relative Strength Index (RSI) on the 4-hour chart has dropped to 38, approaching oversold territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) has crossed below the signal line, reinforcing bearish momentum despite the possibility of a short-term technical rebound.
On the upside, immediate resistance is clustered around the $0.1300 region, which now aligns with the broken trendline.
This is followed by the 50-period EMA at $0.1335 and the 50% Fibonacci retracement level at $0.1346.
Further resistance levels include the 200-period EMA near $0.1390 and the 78.6% retracement at $0.1441, which would need to be cleared for any meaningful bullish recovery to take shape.
Credit: Source link
