Pi Coin Plummets: 2-Month Downtrend Confirmed as Historical Losses Mount

Another day, another crypto bloodbath—Pi Coin just became the latest victim of the bear's buffet.

The 'people's crypto' got served a brutal reality check as it nosedived past critical support levels. Two months of relentless selling pressure finally culminated in a historic breakdown.

Technical traders are licking their wounds after the textbook downtrend confirmation. The chart doesn't lie: every dead-cat bounce got smacked down harder than a rookie trader chasing leverage.

Meanwhile, the 'HODL' crowd's coping mechanism? Probably scrolling through 2021 memes while their portfolios keep reenacting the Titanic.

Here's the cold hard truth: in crypto winter, even the shiniest 'next Bitcoin' narratives freeze solid. But hey—at least the mining app still works, right?

Pi Coin Is In Trouble

The Relative Strength Index (RSI) is a key indicator that paints a bleak picture for Pi Coin. Currently sitting in the bearish zone below the 50.0 neutral mark, the RSI suggests that downward momentum is in full effect. 

The indicator is not close to either the oversold or neutral zones, meaning neither a reversal nor a surge in bullish momentum is imminent. This confirms that the downtrend is likely to continue unless there is a sudden shift in market sentiment. Given the current RSI position, PI Coin could face further declines in the coming days.

The macro momentum of Pi Coin also supports the bearish outlook. The Ichimoku Cloud, another crucial technical indicator, currently sits above the candlesticks. This positioning typically signals a continuation of bearish momentum, further confirming the downward trend. 

As the cloud indicates, Pi Coin’s market structure is weakened, which means the altcoin will likely face further pressure from sellers in the NEAR future. Investors should be cautious, as the current market conditions suggest that a new ATL could be on the horizon.

Will PI Price Fall Further?

At the time of writing, Pi Coin is trading at $0.45, having validated its ongoing downtrend last week. The altcoin is just 11.19% away from falling to its ATL of $0.40, a critical support level that could trigger even further declines. 

With all technical indicators pointing to a continued downward trajectory, it’s likely that Pi Coin will struggle to break out of this downtrend in the short term. 

Despite the overall bearish trend, Pi Coin still holds above $0.45 in support. If the cryptocurrency can maintain its position and manage to bounce off this level, it may see a modest rise to $0.49 or $0.51. 

However, it must breach these resistance levels to reverse the bearish trend. Until then, the bearish thesis remains intact, and any attempt to breach $0.50 could signal the beginning of a reversal.