Pi Network At $0.368: Key Battle Between Bulls and Sellers

Pi Network gained 4.73% but remains in a long-term downtrend.

Short-term charts show bullish reversal with support forming at $0.368.

Bitcoin weakness threatens PI’s recovery despite steady buying pressure.

The past 24 hours brought a welcome breath for holders of Pi Network's PI. Prices gained 4.73%, undoing last weekend’s losses and sparking hope for short-term opportunities. Yet, traders eyeing longer horizons must stay cautious. Bitcoin slipped under $110K, shaking confidence across the market. This move feels like a chess match where each piece matters. Bulls see an opening, but sellers wait patiently, ready to strike at the slightest weakness.

A Difficult Landscape for Pi Network Bulls

The daily chart shows Pi Network struggling with a persistent downtrend. While prices still lean downward, the pace of decline has slowed since late July. Shallow lower lows formed over the past five weeks, hinting at reduced bearish momentum. Momentum indicators add to this mixed picture. The RSI now stands at 48.83, close to the neutral 50 level. Crossing above 50 would signal a potential shift toward bullish momentum. However, traders have seen this before. In early August, the RSI pushed past 50, sending prices to $0.435.

Within 16 days, that rally collapsed, wiping 23% from the chart. History whispers caution in the ears of eager buyers. Volume paints a similar story. The OBV has not made a higher high, suggesting accumulation remains weak. Without clear signs of buying pressure in the spot market, confidence in a lasting recovery remains fragile. Traders face a glass that looks half full, but the cracks in the bottom risk draining it quickly.

Short-Term Strength Meets Long-Term Uncertainty

Lower timeframes tell a different tale. On the 2-hour chart, Pi Network recently broke above a bearish order block near $0.368. The move flipped that level into support, signaling a short-term bullish reversal. Buyers defended this ground with vigor, and early signs point to strength.

Momentum confirms this resilience. RSI readings support the bullish structure, while the OBV climbed steadily for four days. Since the $0.335 low on August 25th, traders added pressure on the buy side. Like a river pushing through stones, demand has chipped away at resistance.

Still, Bitcoin casts a long shadow over this progress. Weakness in the king of crypto often drains energy from smaller tokens. If Bitcoin continues to struggle, sellers may seize control and drag Pi Network lower once again. For now, $0.368 stands as the frontline. Defending this level opens the door to further gains.

Losing it hands the reins back to sellers who thrive in uncertainty. The coming days will test trader conviction, patience, and trust in this recovery. Bulls must not only defend ground but also prove staying power. Without volume and confidence, hope risks slipping into another short-lived rally.