Pi Coin could hit a new low shortly after rejecting previously indicated support zones in the current trading sessions.
The cryptocurrency has lost support in the 0.344 area and has become strongly correlated to BTC. Pi Coin closely follows the bearish price trend of Bitcoin and risks further declines.
The current wave of selling pressure has pushed the RSI below 50. Therefore, most market participants are waiting for a signal that the bullish are coming back. At the moment, the bearish seem to be in control of the positions, and a new low could occur in the coming days.
Price action shows the loss of Pi Coin's support levels
Pi Coin is losing support and could form a new low after breaking the $0.344 area in the current sessions. Selling interest has increased in recent days, with the price falling below support to a low of $0.337.
Currently, Pi Coin is down 17.6 percent in seven days and 23 percent in the past 30 days. Therefore, the bearish is more likely to take control. The sudden collapse from support at $0.344 is the main reason for the recent descent. However, price movement below this level could lead to further losses in the coming days.
Pi Coin's technical indicators suggest continuation of the bearish trend
Pi Coin's Relative Strength Index (RSI) is below the median line of 50. The momentum indicator suggests further selling pressure. It is not yet oversold; therefore, traders can watch closely and expect new declines in the coming days.
The above information shows that there are no signs of a possible price rise, and further declines are more likely. If Pi Coin successfully breaks support at $0.344, there is a good chance that a new low will be set.
The price could reach a new record low, with a primary target at $0.322. However, a recovery above $0.344 will likely meet resistance.
