Pi Network (PI) has experienced significant selling pressure over the past 30 days, with its price declining by more than 61%. Despite forming a strategic partnership with the Telegram Crypto Wallet, PI has struggled to recover its momentum, as various technical indicators continue to signal a bearish outlook. The BBTrend indicator has remained negative for 12 consecutive days, currently standing at -22.34. Although the RSI has shown a slight improvement from oversold levels, it remains below the neutral threshold of 50. With the prevailing downtrend intact and crucial support levels approaching, the next movement of PI will likely hinge on whether buyers can intervene and alter the current downward trajectory.

The BBTrend, an indicator derived from Bollinger Bands, has been deeply negative, reflecting a sustained bearish sentiment. Since March 16, the BBTrend has consistently signaled bearish trends, reaching a low of -41 on March 21. This extended period of weakness underscores the challenges faced by buyers in regaining control of the market. A positive BBTrend indicates bullish momentum, while a negative value signifies bearish sentiment; the farther the value is from zero, the stronger the respective trend. Currently at -22.34, PI remains under significant bearish influence, though the recent downtrend may be losing some intensity from its peak levels.

In contrast, the RSI has exhibited a modest recovery, increasing from 23.8 to 40.45 over the past two days. While this rise suggests a reduction in overselling pressure, the RSI has not surpassed the neutral mark of 50 in the last two weeks, highlighting the lingering hesitance among buyers. The current situation reflects a cautious market, where a decisive shift in sentiment in favor of buyers has yet to occur. This scenario could either result in a breakout or lead to further consolidation.

The RSI, a momentum oscillator measuring price velocity, currently resides in a neutral-to-bearish range at 40.45. Values above 70 typically indicate overbought conditions, while those below 30 suggest oversold states. At its present position, PI shows neither extreme selling nor robust buying pressure. For a definitive trend reversal, the RSI would need to cross above 50, a milestone that has not been achieved in the past two weeks. Consequently, the recent moves appear to be tentative efforts toward bottoming out rather than a confirmed uptrend.

Technically, PI's price is entrenched in a well-defined downtrend, as evidenced by the alignment of its Exponential Moving Average (EMA) lines, with shorter-term EMAs persistently below their longer-term counterparts. This configuration points to continuous selling pressure. If the corrective phase persists, PI may revisit key support levels around $0.718. Failure to maintain this level could expose the price to further declines, potentially reaching $0.62.

However, recent developments in the RSI have sparked optimism for a short-term rebound. Should bullish momentum gather strength, PI might encounter resistance at $1.05 in the near future. Breaking above this level would alter market sentiment and pave the way for additional gains, with potential targets at $1.23 and $1.79 if the uptrend strengthens. As the market awaits these pivotal moments, the balance between buyers and sellers will determine the immediate path forward for Pi Network.

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