Pi Network's $0.21 Struggle: Can It Hold Critical Support Amid Persistent Selling Pressure?

Pi Network faces mounting headwinds as the token hovers around $0.21 following a recent downturn. Currently trading at $0.21 with a 24-hour decline of 0.90%, the project’s market cap stands at $1.74 billion, supported by $811.36K in daily trading activity. Yet these modest volumes mask a deeper technical challenge: the token remains ensnared within a descending channel that has eroded roughly 92% of its value from previous peaks.

Technical Setup Reveals Persistent Bearish Control

The directional movement indicators paint a clear picture of market imbalance. The negative directional index continues to sit firmly above its positive counterpart, signifying that sellers maintain decisive control. Price action remains confined within established downtrend boundaries, with each bounce attempt meeting fresh resistance. The formation of a bearish engulfing candle during recent attempts to break higher demonstrates buyer exhaustion—rallies consistently fail to establish momentum above established overhead zones.

Critical Support Levels Under Scrutiny

The $0.21 region represents more than a price level; it functions as a psychological floor anchoring the value area. Should this level give way, the October 11 low of $0.1919 emerges as the next significant floor, with potential washouts toward the $0.19 area if selling intensifies. Between $0.22 and $0.24, a temporary stabilization remains plausible, offering tradeable bounces for nimble participants. However, the 0.618 Fibonacci retracement near $0.25 continues to repel rallies consistently, forming a stubborn resistance cluster that complicates any near-term recovery scenario.

Distribution Phase Signals Caution

Market structure suggests a gradual distribution pattern, where holders systematically reduce exposure as prices weaken. The point-of-control analysis indicates price is gravitating toward the center of historical trading ranges, reflecting neither strong conviction from buyers nor panic capitulation. This indecision creates a prolonged sideways grind rather than explosive directional moves.

Contrarian Optimism on Fundamentals

Despite technical headwinds, Pi Network advocates maintain conviction in the project’s long-term trajectory. The vision centers on positioning Pi as the “Apple Pay for Web3”—a frictionless payments layer where blockchain complexity becomes invisible to end users. With a user base exceeding 60 million and an existing ecosystem featuring embedded wallets and standardized on-chain identity infrastructure, proponents argue the competitive moat rests on seamless user experience rather than raw technological superiority. Should the project execute on delivering a one-tap payment system, supporters believe adoption could accelerate materially.

What’s Next?

The near-term chart points toward consolidation rather than immediate relief. Whether Pi can stabilize around $0.21 or capitulates to lower levels will ultimately depend on whether buyers can defend current support or whether distribution accelerates. For now, the technical setup demands caution until evidence of buyer accumulation emerges.