PI token has been experiencing a consistent downtrend since February 26, with its value decreasing by 72% amid prevailing bearish sentiment. The ongoing negative market perception continues to exert significant pressure on the token.

Currently, the selling pressure on the PI token remains intense, indicating a possible continuation of its downward trajectory. Upon analyzing the PI\/USD one-day chart, it becomes evident that token holders are still actively engaged in distribution activities. As of the latest data, PI's Balance of Power (BoP) indicator is in negative territory, which reflects the selling dominance in the market.

The BoP indicator evaluates the intensity of buying and selling pressures by comparing the closing price with the trading range during a specified period. A negative BoP value, such as the current one, signifies that sellers are controlling the market dynamics, thereby exerting downward pressure on the token's price.

Additionally, the configuration of PI's Chaikin Money Flow (CMF) further supports the bearish forecast. At present, the CMF stands below the central line at -0.12.

The CMF indicator tracks an asset's buying and selling pressures. A negative CMF reading implies that the asset is encountering more selling pressure compared to buying pressure. This situation indicates that PI traders are focusing on distribution rather than accumulation, reinforcing the bearish outlook and confirming the continued downward momentum in the token's price.

As of now, PI is trading at $0.63, which is beneath the dynamic support level established at $0.93 by its Super Trend indicator.

The Super Trend indicator assists traders in determining the market's direction by positioning a line either above or below the price chart, contingent upon the asset's volatility.

When an asset's price falls below the Super Trend line, as is currently the case with PI, it signals a bearish trend and suggests potential further declines. If the selling pressure intensifies, PI might retest its all-time low of $0.40.

Conversely, should there be a resurgence in demand for PI, its price could surpass the resistance level at $0.86 and potentially rise to $1.01.

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