Pi Network Tests Key Support Level as Bearish Indicators Emerge

Pi Network’s cryptocurrency is showing signs of increasing pressure as it trades within a narrowing range near the $0.60 support level. Trading volumes continue to decline, indicating reduced market participation. The mobile-mined asset, which launched on exchanges in February 2025 at $3 after years of development, has now lost 78% of its value from peak levels.

Technical indicators present a concerning outlook. Both the RSI and MACD show weakening momentum, while the descending wedge pattern since mid-May remains unresolved. Resistance at $0.79 has held strong, with buyers hesitant to commit at current prices. Despite these challenges, Pi maintains relevance through its innovative smartphone mining approach and substantial 35-million-user base.

Market analysts offer mixed predictions, with some anticipating a potential November rally that could push PI toward $2. The cryptocurrency’s unique value proposition continues to fuel debates about its long-term potential in an increasingly competitive altcoin market.