$PI Pi coin breaks through key structural critical point, may retest historical low of $0.13 after 33% crash

Summary

On March 24, Pi Network (PI) price fell to $0.1897, down more than 33% from the March 13 high. The daily chart shows PI forming a double top structure, approaching historical lows. Capital flow signals show increased selling pressure, with MFI indicator continuing to decline. If it breaks below 40, capital outflows may accelerate. PI's correlation with Bitcoin has turned negative, and technicals show a weak trend. Key support levels are at $0.1597 and $0.1415, while a break above $0.1940 may offer rebound space.

According to Gate News, on March 24, Pi Network (PI) price continued to weaken, currently trading at $0.1897, down more than 33% from the March 13 high of $0.2990. The daily chart shows PI forming a typical double top structure, gradually approaching the $0.1300 historical low zone. However, this pattern requires confirmation only after key support is effectively broken through.

Capital flow signals indicate selling pressure is intensifying. The MFI indicator previously peaked above 83 in mid-March and has rapidly declined, currently near 43, falling for 10 consecutive trading days without any effective rebound. Once it breaks below 40, it may further enter a capital outflow-dominated phase, exerting continued downward pressure on price. Meanwhile, PI's correlation with Bitcoin has dropped to -0.27, turning negative for the first time since February. This means PI's movement no longer follows Bitcoin's fluctuations, and even if Bitcoin rebounds, it will be difficult to drive PI to rise in sync. Price movement is more driven by its own selling forces.

From a technical perspective, PI is currently suppressed by the $0.1940 moving average, with short-term trend appearing weak. Key support levels below are at $0.1597, $0.1527, and $0.1415 respectively. Once it breaks below $0.1415, it may further test the $0.1300 historical low zone. However, if PI's daily line reclaims $0.1940 and breaks through the $0.2103 key retracement level, it will weaken the current bearish structure and open space for price rebound. Until then, the market should remain vigilant against continued downside risks.