Pi Network Price Slips Toward All-Time Low With No Fresh Demand in Sight
Pi Network’s native token has extended its lackluster performance by yet another day, tumbling 7% in the last 24 hours.
The fresh decline has pushed the asset closer to the lower trend line of the narrow trading range it has traded within since July 15, putting its all-time low back in sight. With new demand still significantly absent, the question is no longer if—but when—a breakdown could occur.
Will PI Break Down or Bounce?
The PI token price has traded within a tight range since July 15, struggling to break free from the $0.43 support and the $0.46 resistance. Despite multiple attempts to push above the upper boundary, each rally has failed due to weak demand, forcing the token back into sideways movement.
In its spot markets, daily trading volumes remain low, suggesting waning market participation and little appetite for a bullish reversal. Over the past day, this is down 14% and totals $105 million at press time.
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When an asset’s price and trading volume drop simultaneously, it confirms weakened market interest and fading momentum from buyers and sellers. This suggests a lack of conviction among IP traders, which could worsen its price performance if volume does not recover.
Furthermore, momentum indicators continue to show that buying pressure has thinned significantly. For example, PI’s Balance of Power (BoP) returns a negative value of -0.64 as of this writing, highlighting the sell-side pressure in the market.
The BoP indicator measures the strength of buyers versus sellers in the market. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, a negative BoP reading signals that sellers are in control, with little to no buyer resistance. PI’s BoP reinforces the bearish outlook for the altcoin, suggesting that selling activity could continue if fresh demand fails to enter the market.
PI Eyes $0.40 Breakdown or $0.50 Breakout
If selloffs persist, a slip below the support floor at $0.43 is likely. In this scenario, PI risks plunging to its all-time low of $0.40. If distribution continues, PI could even register new price lows.
On the other hand, a positive catalyst could propel a break above resistance at $0.46. If this happens, the PI token price could climb toward $0.50.
Disclaimer
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