What Do Pi Network Price Indicators Say About New All-Time Low?

Pi Network has recently faced a significant price decline, bringing its value close to the $0.50 mark. This ongoing bearish sentiment has raised concerns among investors as the altcoin nears a potential all-time low (ATL). 

Despite this, certain indicators suggest that Pi Network could be poised for a reversal, offering hope for a price recovery in the near future.

Pi Network Could Be Seeing A Bounce Back

Currently, the Relative Strength Index (RSI) for Pi Network stands at 35, just inches from the oversold threshold of 30.0. This indicates that the cryptocurrency is nearing an oversold condition, which historically signals a potential bounce.

Despite hitting a two-month low, the RSI’s current positioning points to a possible price recovery, similar to early April. If history repeats itself, the altcoin might experience a significant rise, positioning Pi Network for a reversal.

The squeeze momentum indicator is showing signs of a squeeze (represented by black dots), indicating that Pi Network’s price is consolidating before a potential breakout. The histogram accompanying the squeeze is showing an increase in green bars, signaling that bullish momentum is strengthening. This suggests that volatility is likely to increase, potentially driving Pi Network’s price upward in the coming days.

As the squeeze builds, the release of this pent-up volatility could trigger a sharp movement in Pi Network’s price. If the squeeze releases to the upside, the resulting momentum could spark a strong recovery, helping the altcoin rebound from its recent lows. These indicators suggest that Pi Network could see a price surge, provided the market conditions align.

PI Price Is Refraining From Falling

Currently, Pi Network is trading at $0.55, just under the resistance of $0.57. The altcoin is 28.5% away from its all-time low of $0.40, which occurred last week. While there is a possibility of further declines, the chances of reaching this low again are relatively slim.

If Pi Network can reclaim $0.57 as support, it will likely push toward the next resistance at $0.61. Breaking past this barrier would confirm a breakout, setting the stage for a continued recovery. The target would then shift to $0.71, signaling a sustained upward movement and possibly bringing the altcoin back to previous price levels.

However, if broader market conditions remain bearish, Pi Network’s price could struggle to hold the $0.51 support level. A failure to maintain this support would lead to a decline, potentially pushing the price down to $0.45. This would bring the altcoin closer to its all-time low of $0.40, threatening further losses.