Pi Network (PI/USD) Breaks Consolidation to the Downtrend
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PI/USD Price Analysis: PI/USD Breaks Below the Strong Support
PI/USD makes a second breakout attempt within the months of August to January below the ranging market. This move shows sellers are trying to take control again. Like the first breakout, this may be a short bearish trend because of the lack of momentum from the bears.
PI/USD Key Levels
Support Level: $0.1950, $0.1950
Resistance Level: $0.2750, $0.3423
PI/USD was in the consolidation phase from 25 September to 18 January before price broke below. The lack of a momentum candle in the breakout and the Stochastic Relative Index (Stoch RSI) showing the price is in the oversold area mean the market may reverse back to the uptrend. This may signal a false breakout or a short downtrend.
On the daily timeframe, the bears tried to push the market below at price level $0.3420 after the falling wedge pattern, but they lacked momentum to follow through, triggering a consolidation phase. Another breakout of the consolidation zone, though with weak momentum, can be seen.
Market Expectation
The 4hr timeframe shows price breaking below both the lower Bollinger Band and the support zone at price level $0.1960. A double bottom is already forming at price level $0.1700, which is either a signal for trend reversal or a pullback. The market is currently in a downtrend with no strong momentum. This may be a short downtrend or a false breakout.
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