PI Network Price Pullback: From Breakout Hopes to All-Time Low Concerns

PI Network's token has stumbled after briefly breaking above the $0.3587 resistance level, reigniting fears of a return to its all-time low. The token's inability to maintain momentum has shifted control back to sellers, with technical indicators now showing warning signals.

The Elder-Ray Index, a crucial measure of market sentiment, has turned negative following three days of bullish activity. This reversal indicates increasing selling pressure and declining buying interest. Without a rapid resurgence in demand, Pi faces potential further declines or an extended sideways movement.

Friday's breakout had provided Optimism for bulls, with the token holding its gains through Saturday. However, Sunday's selloff wiped out those advances, leaving traders uncertain whether the August 13 sideways trend will reestablish itself.