In recent trading sessions, the cryptocurrency Pi has extended its downtrend, experiencing a 5% decline over the past 24 hours, despite a broader market rally observed across various digital assets. This downturn in the altcoin's performance signals a weakening of buying pressure as traders appear to reallocate their attention elsewhere.

Technical indicators further support a bearish sentiment for Pi. The On-Balance Volume (OBV) indicator, which monitors buying and selling pressures, has been consistently declining, reflecting reduced market participation and liquidity. At the time of writing, Pi’s OBV stands at an all-time low of -845.93 million, representing a more than 2000% drop since the start of March.

Such a sharp decline in OBV typically signifies a decrease in buying activity and an increase in selling pressure. This implies that more Pi holders are liquidating their positions rather than accumulating them, intensifying the downward trajectory of its price.

Additionally, Pi remains confined within a descending parallel channel, a pattern that underscores its ongoing bearish trend. Based on data from the Pi\/USD daily chart, Pi has been trading within this bearish framework since peaking at an all-time high of $3 on February 26. A descending parallel channel forms when an asset's price oscillates between two downward-sloping parallel trendlines. This configuration indicates a persistent sequence of lower highs and lower lows, pointing to a prolonged bearish trend where sellers maintain control and hinder significant upward momentum.

This pattern suggests that Pi’s price might continue to descend unless it breaches the upper boundary of the channel or encounters substantial support.

The intensifying selling pressure on Pi raises the possibility of a breakdown below the descending parallel channel. In such a scenario, the token’s downtrend would gain additional momentum, driving its price towards $0.62.

Conversely, should the bulls reclaim control and buying activity surge, Pi could reverse its current trend and potentially rise towards $1.13.

以上内容由悟空财富根据公开信息整理，与本站立场无关，如存在问题请联系我们，本文为数据整理，不对您构成任何投资建议，投资有风险，请谨慎决策。