Pi Coin Price Faces Downside Risk Amid Bearish Bre

Pi Coin Price Faces Downside Risk Amid Bearish Breakout

The Pi Network token has been performing poorly in the last month, considering that it is down by 25% during this period, which is a contrasting performance from other altcoins. Due to the ongoing losses, a bearish descending triangle pattern is forming, with a downward breakout that signals that a 40% crash might happen.

The 40% crash that is looming with this pattern is from the difference in height between the triangle’s upper resistance of $0.74 and the support that lies at $0.44. This suggests that if bears confirm a close below the support level with two consecutive candles, Pi Coin price may plunge to $0.26 and create a new all-time low.

The main reason why bears have had the upper hand despite long term Pi Coin price forecast still bullish in the last month is because of its persistent movement below the 50-day SMA level. Its failure to move above this level has left the price in the control of sellers as buyers remain on the sidelines due to a lack of any bullish confirmation.