Pi Network (PI) Price Analysis: Trading Volume Remains Weak, Market Structure Favors Bears

Gate News, Pi Network (PI) is currently facing significant price pressure. According to Captain Altcoin's analysis, after a failed breakout earlier in the week, the price of Pi has fallen back above a key support level and is consolidating within a narrow range, lacking strong momentum. More concerning is the significant drop in trading volume, with all major hourly indicators showing a downward trend, making the market structure seem more favorable to bears.
1. Pi Price Trends and Key Levels
After failing to maintain a rise above $0.64 on June 25, the price of Pi has pulled back to the $0.51 to $0.52 area, continuing to consolidate above the prominent demand zone near $0.50. Captain Altcoin emphasized the risk of breaking below $0.52 in his weekend forecast, noting that if momentum further weakens, the next support area would be $0.47-$0.49. As the price of Pi fell below $0.52 and approached $0.50, a bearish scenario began to emerge. The current price hovers around $0.5185, with market activity gradually decreasing and trading volume dropping over 30%. This reflects a neutral market expectation, with the token consolidating between $0.52 and $0.54 before the drop, without any bullish factors to push the price higher. The price trend of Pi remains weak and is in a narrow fluctuation range. In the past few trading days, the $0.50 to $0.54 range has been the focal point of market contention, but as momentum indicators light up red, bears still dominate.
2. Technical Analysis and Support Resistance
The 4-hour chart shows that since mid-June, the price of Pi has been on a continuous decline, with the descending trendline since the peak of $0.64 now forming dynamic resistance. The price of Pi has set multiple new highs but continues to struggle to break above $0.54. The demand area between $0.48 and $0.50 remains a key support level worth noting. The price rebounded here on June 23, but momentum has not recovered since. If this area is broken, it may trigger a further decline towards $0.44. The persistent weakness in trading volume indicates a lack of buyer interest. Until trading volume breaks the trendline, the market structure will continue to favor bears.
3. Pi Price Forecast Scenarios
Bullish Scenario: If it breaks above $0.54 and completely breaks the downward trendline, it could aim to test $0.58-$0.60. However, currently, this setup is invalid, as the market lacks sufficient buying momentum to achieve this breakout. Neutral Scenario: If the price of Pi can maintain above $0.50, with decreasing trading volume and traders waiting for direction, the price of Pi may trade sideways between $0.50 and $0.54. This would be a consolidation period, waiting for new catalysts to emerge. Bearish Scenario: A drop below $0.50 could accelerate the decline to $0.47-$0.49. If this area is broken, the next support level would be around $0.44. This is the most concerning scenario at present and presents an opportunity for bears to push further.