PI Price Risks Further Downside to $0.18 Despite the Rise in Social Dominance

Highlights:

• The Pi Network price is trading at approximately $0.20, despite a 23% decline in trading volume. 
• On-chain metrics show a rise in Social dominance, which may drive the recovery of Pi Coin price.
• The technical outlook indicates mixed signals, as PI price risks further downside to $0.18. 

The Pi Network (PI) price is trading near 0.20 at press time on Friday, but has remained unchanged after two days of approximately 2% declines. The trading volume of the PI token has been declining steadily, down 23% to $6.47 million. Meanwhile, an increase in social dominance is an indicator of a potential spike in retail interest. The technical picture of PI is not fully positive, as the PI price is trading below both moving averages, suggesting a bearish picture.

According to sentiment data, PI social dominance is 0.046%, up from 0.004% on Wednesday. This indicates an increase in social buzz about Pi Network. Consistent growth would result in a peak in retail interest, which would drive the next recovery cycle in Pi’s price.

Pi Risks Further Downside to $0.18

The Pi price currently trades at approximately $0.20, with strong support at $0.18. The token is trading within a range-bound pattern between $0.015 and $0.28. This consolidation phase may act as an accumulation period before the bulls break out to higher levels. 

At the same time, the Pi Network bulls have a big tussle, as resistance lingers near the 50-day (0.2180) and the 200-day ($0.3093) Simple Moving Averages, which PI needs to breach for upward momentum. If it succeeds, the next major target could be near $0.36.

Momentum indicators are showing mixed signals in the PI Network. The Relative Strength Index (RSI) is at 47.12, showing an intense tug-of-war among the bulls and bears. This indicates that both buyers and sellers are seeking to take control, as the PI Price is likely to break out in either direction.

However, the MACD is bullish, with the blue MACD line crossing above the signal line. If momentum holds and the MACD moves into positive territory, it could give buyers control. In the meantime, if the Pi Network price falls below the $0.18 support level, traders should look to the next support at $0.15. These levels may stop further falls in the coming days. 

However, given the rising social buzz, these low prices may present favourable buying opportunities. Traders should look for a clear break above $0.30 or a drop below $0.18 to know what may happen next.

If the price continues to rise, more buyers may enter, pushing the price toward its major psychological barrier at $0.30, which aligns with the 200-day SMA. The mix of strong social dominance and the technical setup makes Pi Network an interesting coin to watch for those following crypto’s future growth. While the price is still testing key levels, the outlook for PI appears promising, as it stands to benefit from the rising social buzz.