Pi Network (PI) Defends $0.53 Support as Technicals Signal Potential Rebound

Pi Network's token price is holding steady above the crucial $0.53 support level, with technical indicators suggesting a possible trend reversal. The 4-hour chart reveals an oversold RSI at 38 and an emerging bullish MACD crossover, indicating diminishing downward pressure.

Trading volume remains strong at 1.8 million PI tokens, showing continued market interest despite recent price declines. The Bollinger Bands currently place the cryptocurrency near lower bounds at $0.5151, which could act as dynamic support if the current level doesn't hold.

A clear breakout above $0.5775 may set the stage for testing the $0.64 resistance level. The high ADX reading above 50 combined with depressed RSI levels presents a classic reversal pattern that experienced traders are watching closely.