Pi Coin Price Faces Historic Losses After Confirming 2-Month Downtrend

Pi Coin has faced continuous decline over the past two months, with no signs of recovery. Currently trading at $0.45, Pi Coin is approaching its All-Time-Low (ATL) of $0.40.

All major indicators point to continued weakness in the coin's price action, making the cryptocurrency vulnerable to further losses.

Pi Coin is in Trouble

The Relative Strength Index (RSI) is an important indicator showing the bleak situation for Pi Coin. Currently located in the downward zone below the neutral 50.0, RSI demonstrates strong downward momentum.

This indicator is not close to the oversold or neutral zone, meaning no reversal or strong increase is imminent. This confirms that the downward trend is likely to continue unless there is a sudden change in market sentiment. With the current RSI position, Pi Coin may face further decline in the coming days.

The macro momentum of Pi Coin also supports the declining prospects. The Ichimoku Cloud, another important technical indicator, is currently above the candles. This position typically signals the continuation of downward price momentum, further confirming the downward trend.

As the cloud indicates, Pi Coin's market structure is weakening, meaning this altcoin is likely to face selling pressure in the near future. Investors should be cautious, as current market conditions suggest a new ATL may be approaching.

Will PI Price Drop Further?

At the time of writing, Pi Coin is trading at $0.45, having confirmed the downward trend last week. The altcoin is just 11.19% away from its ATL of $0.40, an important support level that could trigger further decline.

With all technical indicators pointing to continued decline, Pi Coin is likely to struggle to escape this downward trend in the short term.

Despite the overall downward trend, Pi Coin remains above the $0.45 support level. If this cryptocurrency can maintain its position and bounce from this level, it might see a slight increase to $0.49 or $0.51.

However, it must overcome these resistance levels to reverse the downward trend. Until then, the bearish argument remains intact, and any attempts to surpass $0.50 could signal the beginning of a reversal.