Key takeaways
- The cumulative volume delta (CVD) of CryptoQuant recipients shows a continuous negative trend over the past 90 days for PI.
- The coin has fallen by 4.5% over the past 24 hours and is now trading below $0.1300.
The PI extends its losses amid weak market conditions
Pi Network (PI) traded in the red on Tuesday, falling below the $0.1300 level as selling pressures intensified across the broader cryptocurrency market.
The token is now testing a breakdown of the ascending support trend line, indicating increasing bearish momentum.
Market data indicates that sellers remain firmly in control of the spot market. CryptoQuant’s Cumulative Volume Delta (CVD) shows a continuous negative trend over the past 90 days, indicating that sell orders are constantly outpacing buy orders. This pattern indicates sustainable distribution and weak demand for PI.
At the same time, broader market sentiment is also deteriorating. the CoinMarketCap Fear and Greed Index It currently sits at number 20, reflecting conditions of “extreme fear.”
These risk-averse environments often greatly impact speculative and community-driven assets like the Pi Network.
A technical breakdown of the PI indicates a bearish shift
Pi Network extended its bearish structure after falling below the 50-period Exponential Moving Average (EMA) at $0.1335 on the 4-hours chart, as well as the $0.1300 psychological level.
A break below the rising support trend line near $0.1300 is a key technical development, with a close below this level potentially confirming the validity of a bearish reversal.
Following the breakdown, price action now risks deeper declines towards key Fibonacci levels. The immediate bearish focus is at the 78.6% retracement level near $0.1251, based on the move from $0.1532 to $0.1184.
If selling pressure continues, next support levels include the swing low at $0.1184, followed by the 127.2% Fibonacci extension around $0.1103.
Technical momentum indicators continue to favor sellers. The Relative Strength Index (RSI) on the 4-hour chart has fallen to 38, approaching the oversold zone.
Meanwhile, the Moving Average Convergence Divergence (MACD) crossed below the signal line, strengthening the bearish momentum despite the possibility of a short-term technical recovery.
On the upside, immediate resistance is gathering around the $0.1300 area, which now corresponds to a broken trend line.
This is followed by the 50-period moving average at $0.1335 and the 50% Fibonacci retracement level at $0.1346.
Additional resistance levels include the 200-period moving average near $0.1390 and the 78.6% retracement at $0.1441, which must be cleared for any meaningful bullish recovery to form.
