Gate News reports that on March 24, the price of Pi Network (PI) continued to weaken, currently at $0.1897, down more than 33% from the March 13 high of $0.2990. The daily chart shows that PI is forming a typical double-top pattern and is gradually approaching the historical low zone around $0.1300, but this pattern will only be confirmed if key support levels are effectively broken.
Market signals indicate increasing selling pressure. The MFI indicator previously reached over 83 in mid-March but has since quickly fallen back, now around 43, declining for 10 consecutive trading days without a significant rebound. If it drops below 40, it could further enter a phase dominated by capital outflows, exerting continuous downward pressure on the price.
Meanwhile, the correlation between PI and Bitcoin has fallen to -0.27, turning negative for the first time since February. This suggests that PI’s movement is no longer following Bitcoin’s fluctuations; even if Bitcoin rebounds, it is unlikely to lift PI in tandem, as the price is more driven by its own selling pressure.
From a technical perspective, PI is currently constrained by the $0.1940 moving average, indicating a short-term bearish trend. Key support levels are at $0.1597, $0.1527, and $0.1415. If the price breaks below $0.1415, it may further test the $0.1300 historical low zone.
However, if PI can close above $0.1940 and break through the critical retracement level at $0.2103, it would weaken the current bearish structure and open up room for a rebound. Until then, the market should remain cautious of continued downside risks.
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