Pi Coin Breaks Through Key Structural Critical Point, May Test Historic Low of $0.13 After 33% Crash

Summary

On March 24, Pi Network (PI) price declined to $0.1897, down more than 33% from the March 13 high. The daily chart shows PI has formed a double-top structure approaching historical lows. Fund flow signals indicate increased selling pressure, with the MFI indicator continuing to decline; if it breaks below 40, capital outflows may accelerate. PI's correlation with Bitcoin has turned negative, and technical indicators show a weakening trend. Key support levels are at $0.1597 and $0.1415, while a break above $0.1940 may provide rebound space.

According to Gate News, on March 24, Pi Network (PI) continued to weaken, currently trading at $0.1897, down more than 33% from the March 13 high of $0.2990. The daily chart shows PI is forming a typical double-top structure and gradually approaching the $0.1300 historical low zone, though this pattern requires an effective break through key support for complete confirmation.

Fund flow signals indicate selling pressure is intensifying. The MFI indicator previously touched peaks above 83 in mid-March and has since fallen sharply, currently approaching 43, declining for 10 consecutive trading days without any effective rebound. Once it breaks below 40, it may further enter a capital outflow-dominated phase, exerting sustained pressure on prices.

Meanwhile, PI's correlation with Bitcoin has dropped to -0.27, marking the first negative correlation since February. This means PI's movement no longer follows Bitcoin's fluctuations; even if Bitcoin rallies, it will struggle to drive PI higher, with prices driven more by its own selling forces.

From a technical perspective, PI is currently capped by the $0.1940 moving average resistance, with a weakening short-term trend. Key support levels below are located at $0.1597, $0.1527, and $0.1415 respectively. Once it breaks below $0.1415, it may further test the $0.1300 historical low zone. However, if PI's daily chart reclaims $0.1940 and breaks above the $0.2103 key retracement level, it will weaken the current bearish structure and open space for price recovery. Before then, the market should remain vigilant against continued downside risks.