Pi Network (PI) began August with a sharp decline, reaching a new all-time low of $0.32 on August 1. Despite a slight recovery to $0.36 in the following days, the overall market sentiment remains bearish, indicating the possibility of further price drops or a return to the cycle low in the coming weeks. While Pi has managed to outperform the broader cryptocurrency market, which experienced a modest decline, it has recorded significant gains over the past 24 hours. The token’s price increased by 4% during this period, reaching $0.36. This short-term upward movement may offer some optimism to PI holders, but technical indicators suggest that caution is still necessary.

One key concern is the decline in trading volume despite the price increase. Over the past 24 hours, Pi’s trading volume has dropped by nearly 30%, currently standing at approximately $112 million. This reduction in volume while the price rises creates a negative divergence, suggesting that the current upward trend lacks strong support from market participants. Without sustained buying pressure, the rally may not be sustainable.

Additionally, the Parabolic Stop and Reverse (SAR) indicator for Pi confirms the bearish outlook. As of the latest data, the dots on the SAR indicator are positioned above the token’s price, creating dynamic resistance at $0.47. The Parabolic SAR is a technical analysis tool used to identify potential trend direction and reversals. When the dots are below the price, it indicates an uptrend, signaling bullish momentum and the potential for further price increases if buying activity continues. However, when the price is below the dots, it suggests a downtrend, pointing to bearish momentum and the likelihood of further declines unless a reversal occurs.

On the daily chart, Pi is currently oscillating between the support level formed by its new all-time low at $0.32 and the resistance level just above its current price at $0.40. Given that the bearish forces remain dominant, there is a possibility that the price could resume its downward trend and attempt to retest or break below the $0.32 level. However, if new demand emerges, the price could potentially rise above $0.40 and move toward the next potential target at $0.46. The future direction of Pi’s price will likely depend on the balance between buying and selling pressure in the coming days.

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