Will Pi Coin Break Down Further? Bearish Flag Forms – But Smart Traders Are Watching This Pi Price Prediction

Pi Coin has dropped by 4% today, with its slide to $0.746 coming as the crypto market as a whole declines 1.5% in the past 24 hours.

PI remains up by 1.5% in a week, and while it is down by a hefty 33% in a fortnight, it holds on to a 17% increase in a month.

However, its chart currently looks unpromising, with the formation of a bearish flag pattern suggesting that more falls may be on the way in the near term.

Yet given how oversold the coin has become, it may not be too far from hitting a bottom, with Pi Coin’s long-term price prediction remaining promising.

Will Pi Coin Break Down Further? Bearish Flag Forms – But Smart Traders Are Watching This Pi Price Prediction

Pi Coin has had a very tough few weeks, given that it has fallen from a two-month high of about $1.57 on May 12 to $0.746 today, which is a drop of just over 50%.

PI’s chart reflects this plunge and the resulting weakness, with its indicators nearing very oversold positions.

Not only has Pi Coin fallen formed a bearish flag in the wake of its plunge from $1.57, but it has just fallen below the flag’s support level (green).

This signals the possibility of further falls in the shorter term, with PI potentially enough to sink below $0.60 in the next few weeks.

That said, its indicators also highlight how the market has oversold it recently, with its 30-period average (orange) having been below the 200-period (blue) for over a month now.

At the same time, its RSI is getting close to 30, a level from which it should bounce up.

In terms of PI’s fundamental picture, it continues to suffer from the lack of listings from Binance and other major exchanges (e.g. Coinbase, Kraken).

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