Pi Network Price Faces Uncertainty: Breakdown Possible Below Key Support

Pi Network's price is struggling as buying momentum falters. Weak trading volumes and declining demand raise the risk of a more significant correction toward the critical $0.19 support zone.

Key Takeaways

Pi Network's price has failed to hold above its key support level, indicating a bearish trend.
The next major price target is $0.19 if the current decline continues.
A potential price bounce back to $0.28 may occur if the $0.19 support holds.

Pi Network price targets $0.19 as weakness continues.

Current Market Condition of Pi Network

Pi Network price on thin ice, breakdown looms below key support - 1
PIUSDT (4H) Chart, Source: TradingView

The price of Pi Network has been declining consistently since it couldn't maintain its previous rebound towards the $0.28 resistance zone. This rejection has now led to a clear breakdown towards the low end of its value area, fading the bullish structure that had briefly formed.

Currently, the low end of the value area stands as the last line of defense against a more significant drop. If this support level is breached on a daily close, it could trigger a steeper decline towards $0.19, where there is notable liquidity from earlier trading sessions. This $0.19 area corresponds with previous market behavior, making it a likely target for short-term buyers to potentially re-enter.

The overall market structure has turned bearish. Momentum indicators reflect diminishing buying strength, and the lack of significant bullish volume highlights the insufficient interest from buyers. As trading volume continues to shrink, sellers have retained control over the immediate price direction, placing Pi Network at risk of further declines.

However, if the $0.19 support holds strong, there may be a chance of a technical bounce or rotation back towards the $0.28 resistance level. This would require a surge in bullish buying and sustained price closes above short-term moving averages to indicate a shift in the trend. Until then, the anticipated path remains downward.

Looking Ahead: What’s Next for Pi Network?

In the near term, the low end of the value area is a crucial level to watch for signals of either a breakdown or a protective stance by buyers. A decisive breach below this level could lead to a rapid decline toward $0.19.

On the flip side, if buyers step in with increased volume, Pi Network could attempt a brief rebound toward the $0.28 resistance before confirming the broader market trend.