Pi Network Holds Steady at $0.21: Is a Market Bottom Forming?

Pi Network's price has recently stabilized at the $0.21 support level. This development suggests early signs of an accumulation phase as selling pressure decreases and market momentum shifts toward a potentially bullish direction.

Key Takeaways:

Pi Network's price is stabilizing at $0.21, indicating a potential accumulation phase.
If the $0.21 support holds, prices may rise towards the $0.29-$0.37 resistance zone.
Failure to maintain the support could lead to further price declines.
Ongoing bullish volume suggests growing investor confidence, which may lead to a price rally.

Pi Network stabilizes at $0.21, potential bottom forming.

If the $0.21 support level remains intact and trading volume steadily rises, Pi Network could enter a bullish phase, targeting the resistance range between $0.29 and $0.37. Conversely, if this support fails to hold on a closing basis, it may undermine the short-term bullish outlook and expose the asset to deeper price retracement levels.

Key Technical Insights for Pi Network

Pi Network price stabilizes at $0.21 as selling pressure fades, bottom in sight? - 1
Source: TradingView

Recent trading activity of Pi Network indicates a critical stabilization period after an extended downward trend. The $0.21 support level has proven to be a significant technical point where the price has consistently attracted buying interest. Several daily closes above this price level indicate a waning bearish momentum, with sellers appearing exhausted following the latest decline.

This support zone acts as a key high-timeframe level, with multiple daily candle closes above it. Such behavior reveals that demand is re-establishing itself in the market and suggests that a potential bottoming phase may be forming as buyers start to mitigate remaining sell-side pressure.

An accumulation zone is emerging between the $0.21 support and immediate resistance at $0.29. This price range will be crucial in determining whether Pi Network can maintain a foundational base for a potential trend reversal. Should the current support hold, the market may establish a higher low, a significant indicator of a bullish structural shift. When the next swing high is breached, this would confirm a higher high, validating the potential bottom formation.

From a volume perspective, a gradual uptick in bullish activity has been noted around the current trading location. This is a positive sign, indicating renewed investor confidence and accumulation by traders anticipating a price rise. As long as bullish volume continues, the likelihood of a rally toward the $0.37 high-timeframe resistance remains a possibility.