In the past week, Pi Network (PI), one of the most widely discussed cryptocurrencies within the community, has experienced a notable decline, falling more than 8.5%. Over the last six consecutive days, its value has remained below $0.65, and today it broke through the psychological barrier of $0.60. The market trend remains weak, with the price consistently staying below the Ichimoku Cloud, a technical indicator often used to assess momentum and potential trend shifts.

The relative strength index (RSI) for Pi Network briefly rose above 50 but has since fallen back to 45.41, reflecting waning bullish momentum. The exponential moving averages (EMAs) continue to show a bearish bias. At present, the price is hovering just above a critical support level, which could determine whether there will be a deeper price drop or a potential rebound.

Currently, Pi Network remains below the Ichimoku Cloud, indicating an overall bearish market structure. However, a potential change in trend direction is emerging as the blue Tenkan-sen (conversion line) has crossed above the red Kijun-sen (base line). This crossover is typically viewed as an early bullish signal, particularly if it is accompanied by increasing trading volume or movement into the cloud.

Despite this development, the future cloud remains red, suggesting ongoing resistance ahead and implying that the broader trend is still under pressure. The Chikou Span (lagging line) is still beneath both the price candles and the cloud, meaning any upside movement has yet to be confirmed.

For a genuine trend reversal to occur, PI needs to break into and above the cloud. Additionally, the future cloud should turn green, with all Ichimoku signals aligning favorably on the bullish side. Presently, the market exhibits indecision. While there is a short-term bullish crossover, the price remains under the cloud, and the broader trend persists in a bearish stance.

Pi Network's RSI currently stands at 45.41, having eased after a sharp rally from 28.49 to 54.40 just two days prior. This indicates a deceleration in momentum following a brief recovery phase. The retreat from above 50 implies diminished buying pressure, placing PI in a more neutral territory where neither bulls nor bears dominate entirely. The swift reversal underscores uncertainty in the prevailing price trend.

The RSI, a momentum oscillator ranging from 0 to 100, is frequently employed to detect overbought or oversold states. Levels above 70 suggest an asset might be overbought and due for a correction, whereas readings below 30 signify oversold conditions and the likelihood of a bounce. Values between 30 and 70 are considered neutral, with 50 serving as the pivotal midpoint. PI's current RSI at 45.41 is beneath this threshold, hinting at a slight bearish inclination unless the metric ascends again. Should the RSI continue to fall, it may signal escalating selling pressure and the risk of further price softness.

PI's price is trading slightly above a crucial support at $0.59, with bearish forces accumulating. If this level is breached, subsequent significant supports lie at $0.547 and $0.40, potentially exposing the token to a more extensive correction.

The EMAs retain their bearish configuration, with short-term EMAs positioned beneath the long-term ones. This arrangement generally signifies that the overarching trend remains downward. However, should the trend reverse and buyers engage, PI could advance to test resistance at $0.648, followed by $0.682. A breakout beyond these levels, especially when bolstered by increased trading volume and a bullish EMA crossover, might propel the price towards $0.789, indicating a transition toward a more enduring uptrend.

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。