Pi Network's PI token has experienced a sharp 14% decline over the past 24 hours, reinforcing a bearish trend that has persisted since early March. The digital asset continues to face mounting selling pressure as technical indicators suggest the downward trajectory may continue.
The token has established a clear pattern of trading within a descending parallel channel throughout March, a technical formation typically associated with sustained downward price movement. This structure is characterized by consistent lower highs and lower lows as the asset moves between two downward-sloping parallel trendlines, according to trading data.
"When an asset's price trades below its Super Trend indicator, it signals a bearish trend and declining buying pressure," noted market analysts tracking the token's performance. Technical analysis shows the Super Trend Indicator currently positioning dynamic resistance above PI's price at $2.23, which traders interpret as a sell signal or warning to exit long positions.
This indicator's transition to a red downtrend line offers additional confirmation of PI's bearish outlook. The technical formation changes color based on trend direction and strength, with green representing upward momentum and red indicating downward pressure.
The descending parallel channel formation has become particularly concerning for PI holders as sellers consistently drive prices lower while buyers struggle to establish higher support levels. Market observers point to the structure as evidence of waning bullish sentiment that had previously supported the token's value.
Technical analysts suggest PI risks further declines if selling pressure intensifies in coming sessions. Under increased bearish conditions, the digital asset could potentially test support levels near $1.05 while attempting to break below its descending parallel channel. Such a breakdown would signal an acceleration of the current downtrend and indicate that bears have secured stronger control of price action.
The simultaneous appearance of multiple bearish indicators has led some traders to project potential further declines toward $0.87 if current support levels fail to hold. This technical outlook represents a significant concern for investors who had previously anticipated a continuation of PI's earlier bullish performance.
However, market participants note that accumulation at lower prices could potentially reverse the current trend. A resurgence in buying volume and bullish pressure might allow PI to challenge overhead resistance and climb toward $1.34, though such a reversal would require substantial buying interest to overcome the established bearish pattern.
As selling pressure continues to mount, traders remain focused on key support levels that could determine whether PI's descent will accelerate or find stability in the coming trading sessions.