Pi Network (PI) Important Signal: Indicators show it is in the "oversold" zone, and the community is struggling to maintain the support at 0.40 US dollars.

Pi Network (PI) has been listed on multiple Crypto Assets exchanges and has strong community support, but during this wave of Bitcoin reaching new highs, its market performance has remained sluggish. Analysis indicates that the indicators show that Pi coin is in the "oversold" zone, with the community struggling to keep it from dropping below 0.40 USD.

Despite speculation that the price might reach $5, things have not developed as expected, as the price of Pi coin has fallen from a high of $0.4, and since its debut in the crypto assets space, its price has plummeted by more than 80%, forcing many traders and investors to sell off their Pi coins.

The market in July has favored many crypto assets including ALGO, SOL, and XRP, but considering the current bullish market conditions, will the price prediction for PI coin have a good rebound from its key support level towards the daily high?

Bearish market sentiment dominates Pi coin

After the market fell from a high of 3 dollars to a low of 0.4 dollars and experienced a rather bearish market trend, currently, technical indicators show bearish market sentiment, with indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicating that the market is in the oversold area, as the price trades near its support area of 0.4 dollars.

If the market sentiment for PI coin continues to maintain this bearish trend, we may see further falls. However, considering the recent bullish market sentiment for Bitcoin and other Crypto Assets, the situation for PI coin may change, as PI coin could capitalize on the market rebound for profit.

PI coin price prediction

There are still plenty of reasons to believe that with the strong bullish price trend in the crypto assets space, the price of Pi coin may surge in July. As the price of Bitcoin hits an all-time high, this could drive Pi coin to rise strongly in July.

In addition, despite a significant fall in price over the past few months, the price of PI coin has shown resilience, as its community supports its price, preventing it from breaking below its key support level of 0.4 dollars.

If the price of PI breaks through the key resistance level of 1 USD, it may restore a strong bullish price trend. However, the bulls need to defend the price and push for a strong rebound in the coming weeks.

(Source: Trading View)