Pi Network faces key support test as market weakens
Bitcoin’s drop below a psychological level has set the tone for the broader crypto market. Most altcoins are showing negative momentum, losing structure and retesting price lows.
On November 4, Pi Network lost its 100-day and 200-day SMA supports, which have now turned into resistance around $0.23, and nearly dropped to the major support zone at $0.19. However, the token managed to hold and is currently trading around $0.215.
Pi 4-hour chart. Source: TradingView
Still, the daily decline of nearly 6.5% marks one of the steepest drops this week. The token continues to show strong bearish behavior, confirmed by both RSI and MACD indicators.
Is a trend reversal possible?
If trading volume keeps falling, Pi Network risks further downside and a retest of the $0.19 support area. Conversely, holding this zone could preserve the potential for a technical rebound or a move toward the $0.28 resistance level.
To confirm a bullish reversal, Pi Network would need strong buying momentum and a sustained close above short-term moving averages between $0.23 and $0.25. Until then, the path of least resistance remains downward.
As we wrote, Here’s why Pi is sliding
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