Will Pi Coin Fall Below $0.10 This Week? Bearish Signals Flash as Price Plummets

Pi Coin (PI) has lost nearly half of its value in the past 30 days as sellers have taken full control of the token’s price action.

A steep downtrend has emerged since early March and the charts already show that Pi has made multiple lower lows along the way and could soon drop to $0.50 if negative momentum accelerates, as technical indicators seem to be suggesting.

Trading volumes have surged today by 36.8% in the past 24 hours as PI’s price has increased by 4.7% to stand at 0.8261.

Since the official launch of its mainnet, Pi has gained popularity amid its innovative mining model, which allows users to earn PI tokens by using their smartphones to secure the network.

However, renowned public figures from within the crypto space have labeled the project a scam.

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

This wave of negative PR has depressed the price of Pi and has managed to plunge its market cap from a peak of $19.4 billion to just $5.6 billion at the time of writing.

Pi Coin’s hourly chart shows how bad the situation is from a technical standpoint as the token continues to break its support levels every three days or so.

On Wednesday, PI Coin found support at around $0.76 per token and bounced off this support area two times in a matter of hours.

This double-bottom has managed to push the price to $0.8224 today but a trend line break was already rejected a few hours ago.

This is the most relevant price level to watch for the rest of the day as a break below would mean that PI could make another record low.

Meanwhile, the Relative Strength Index (RSI) just sent a sell signal while the MACD’s histogram has already posted its first negative reading.

If the price action breaks below the $0.76 level, the downtrend will likely accelerate. In prior instances, most of these bearish breakouts have produced double-digit price drops. Hence, short-sellers continue to have the upper hand at this point.

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