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Pi Network (PI) Down 18% in 48 Hours

Pi Network is going through tough times, with its price down 18% in the last 48 hours. The decline could continue
Let's figure out what's happening on the Pi Network (PI) market and what to expect from the cryptocurrency price.
Pi Network Bearish Momentum Could Intensify
The Relative Strength Index (RSI) is showing the strength of the bearish momentum, suggesting that the altcoin could face additional pressure in the coming days.
The negative sentiment is reinforced by the lack of momentum in the overall market. Investors are hesitant to buy Pi Network due to its inability to sustain price gains. Without clear signals from the RSI, the risk of further declines remains high.
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PI Network RSI. Source: TradingView
Bollinger Bands are narrowing, which could mean that Pi Network is about to experience a spike in volatility. This narrowing usually foreshadows a breakout or a price drop. If the bearish momentum continues, Pi Network could see a sharp decline, confirming the downtrend.
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PI Network Bollinger Bands. Source: TradingView
PI price under pressure
The Pi Network price is currently at $0.613, but remains below the resistance level of $0.617. The altcoin has fallen by 18% in the last few days and continues to be under pressure. If the decline continues, it will be difficult to break through key resistance levels.
The next major support level for Pi Network is $0.519. If selling pressure intensifies, the price could reach this level. A drop below $0.500 could seriously affect investors holding the altcoin.
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PI Network Price Analysis. Source: TradingView
However, if Pi Network manages to rise above $0.617, it could reverse the downtrend and push the price towards $0.710. A break of this resistance would cancel the bearish scenario and could lead to a recovery, giving investors hope for a reversal.
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