Pi Coin (PI) price stagnates at $0.40... What is the expected next price range?

PI Network's PI token has risen by 15% last week thanks to new optimism in the cryptocurrency market.

However, this upward trend is approaching a critical moment as the token faces strong selling pressure at the 0.40 dollar level. This price level, once a strong support line, has now turned into a resistance line.

PI Price Stagnant Below 0.40 Dollars

According to the analysis of the PI/USD daily chart, PI failed two attempts to break through the 0.40 dollar barrier last week.

In each attempt, the token briefly exceeded this threshold but was pulled down by selling pressure, falling before the daily close. This pattern reflects the strength of resistance and that sellers still maintain strong control at this level.

PI's price rose by 2% today, but with a 26% decrease in trading volume, painting a more cautious picture. This volume decrease creates a negative divergence with the token's price, suggesting a potential short-term correction.

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When an asset's price rises while trading volume decreases, it often indicates weakening buying strength. This difference suggests that PI's upward momentum lacks confidence and daily demand is beginning to decline, posing a reversal risk.

Moreover, PI's Elder-Ray Index draws a similar weak picture on the daily chart. Over the past two trading sessions, this indicator recorded negative values. At the time of reporting, it is located at -0.0056, indicating that sellers deeply control the PI spot market.

The Elder-Ray Index measures the balance of buying and selling pressure by comparing short-term moving averages and price movements. When negative, selling pressure exceeds buying power, confirming bearish market control.

Potential Drop to 0.32 Dollars

If PI fails to secure a decisive close above 0.40 dollars soon, it could return to its all-time low of 0.32 dollars.

However, a successful breakthrough could open the door to continued recovery and potentially push PI's price to 0.46 dollars.