Pi coin Rebound recovers to 0.45 USD, reaching "this area" possibly reversing the 下行 trend?

The value of Pi Network (PI) has dropped over 85% since its peak, but today (18th) during the Asian afternoon session, Pi coin saw a short-term rebound, currently reported at $0.4537. The bearish momentum is strengthening, and Pi coin investors seem to be defending against the risk of it falling below the $0.40 support area.

Pi coin price analysis

Daily time frame analysis shows that the price of Pi coin has been falling below the descending resistance trend line since reaching an all-time high in February.

The price of Pi coin fell to a low of $0.40 in April and June. Both times it rebounded, forming very long lower shadows.

Although the rebound is a positive signal, the buyers have now exhausted themselves by not allowing the price to fall, failing to trigger another rebound.

The price of PI coin has fallen after the latest rebound, nearly breaking the support area at the level of 0.40 USD.

If this happens, the price of PI coin will fall to a historic low and may continue to plummet due to a lack of support.

The next closest Fibonacci support level will be 0.082 USD, created by the 1.27 external Fibonacci retracement support level.

(Pi coin daily chart, source: Trading View)

The momentum indicators also show signs of fatigue. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both in bearish territory.

They are all showing a downward trend, confirming that the Pi coin price prediction is bearish and a new low is about to emerge.

Is there hope for a reversal?

Although the daily time frame predicts that the price of Pi coin will clearly be bearish, the six-hour chart brings a glimmer of hope for a trend reversal.

This optimistic sentiment stems from the fact that the Pi coin price has been in a descending parallel channel since May.

These channels usually contain corrective movements, so once the Pi coin price reaches the support trendline, it may rebound and start a bullish trend reversal.

If this happens, the support level of the channel will be at $0.38, so the price of Pi coin will still hit a historical low, but it will deviate rather than fall.

(Pi coin six-hour chart, source: Trading View)

However, there are no other traces or signs indicating that this is the most likely future prospect. The momentum indicators show no signs of a potential trend reversal.

In addition, the only effective count that predicts a trend reversal is also very rare. This count overlaps with the first wave and the fourth wave, but does not have a diagonal shape.

Therefore, the bearish Pi coin prediction (price crash and fall to a historical low) is more likely than the bullish prediction.

Since reaching an all-time high in early January, the PI price has fallen over 85%.

Pi coin technical analysis has not shown any definitive signs of a bullish trend reversal, so the most likely future outlook is a fall.