Pi Network (PI) Price Analysis: Pi coin short-term falls below 0.44 USD, but selling pressure is weakening.

Pi Network (PI) continues its weak trend, further falling below 0.44 USD in the Asian early trading session today (29). Pi coin buyers have repeatedly got on board with no success, while short positions are attempting to push the price down to 0.30 USD. The trend for Pi coin has been bearish for some time now, and although some signs are beginning to indicate a possible reversal, there are currently no confirmed signals.

The Pi coin chart shows a longer descending triangle, with the price below the downward trend line that has existed since April. At that time, the Pi coin soared above $2.00, followed by a sharp decline.

Since then, prices have been making lower highs and lower lows, which is common in a downtrend. But now, the situation has become interesting.

PI coin price trend and resistance structure

Pi coin has been trying to break through this downward trend, and it is currently making a push towards the downward trend line and the 50-day moving average.

The area between 0.50 and 0.51 USD has been difficult to break through, as sellers intervene whenever the price approaches. However, this time, the momentum may change.

The price of PI coin has also stabilized above the local support level of 0.42 to 0.44 USD, with buyers getting on board multiple times. If the PI coin can break through 0.51 USD with a daily closing price, it may trigger a trend towards 0.60 USD or even 0.70 USD in the short term.

Is the PI coin trend strong?

From the RSI perspective, the indicator is currently at 40.58, and a bullish divergence is forming. Simply put, the price has made a lower low, but the RSI has not followed suit, instead making a higher low. This usually indicates that the selling pressure is weakening.

The chart of Pi 幣 has shown "bullish" signals since the beginning of July, indicating when the divergence started. However, so far, buyers have not been able to turn that signal into a breakout.

(Source: Trading View)

What is the next step for Pi coin?

Now, everything is on hold. If the Pi coin price can break through $0.51 and maintain that level, the short-term outlook will turn bullish.

But if it falls below $0.42, it may retreat to the support level of $0.30. The current trend is neutral, and if that resistance level is broken, it slightly leans towards being bullish.