Pi Network price is stuck in the $0.34 range! It is moving in sync with Bitcoin's trend, risking approaching historical lows.

Pi Network (PI) has been under continuous pressure recently, with the price hovering around 0.34 USD, and its correlation with Bitcoin (BTC) has surged to 0.76, fluctuating almost in sync. As Bitcoin falls below 110,000 USD, the downside risk for Pi coin has further increased, just a step away from its historical low.

The price continues to be sluggish, only 3.8% away from the historical low

As of August 28, the PI coin is reported at 0.34 USD, with a slight decrease of 0.1% over the past 24 hours, fluctuating between 0.3377 and 0.3461 USD.

With a market capitalization of approximately 2.69 million USD and a daily trading volume of 37.98 million USD, it shows that despite the price slump, market fluctuations remain active.

The current price is only 3.8% higher than the historical low of 0.322 dollars. If it falls below that support, it may quickly drop to 0.300 dollars or even lower.

The correlation with Bitcoin has surged, and the independent trend space has shrunk

(Source: Trading View)

In the past week, the price correlation between PI and BTC soared from 0.53 to 0.76, indicating that its trend is becoming increasingly dependent on Bitcoin.

This means that once BTC continues to fall, Pi coin will hardly be able to rise against the trend.

Due to BTC falling below 110,000 USD earlier today and the overall weakness in the crypto market, the short-term rebound space for Pi coin is further limited.

Technical signals are bearish, rebound probability is limited

(Source: Trading View)

In terms of technical indicators, the Relative Strength Index (RSI) is below the neutral 50, indicating that selling pressure still dominates, and it has not yet entered the oversold zone, meaning that there is a lack of conditions to trigger a technical rebound.

0.344 USD was an important support level since the beginning of this month, but it has recently been broken, becoming a short-term resistance level.

If it can regain that level, the PI coin is expected to challenge 0.362 USD and reverse some bearish signals; on the contrary, if it falls below 0.322 USD, it will set a new historical low.

Market Outlook: Key Support and Resistance Levels

(Source: Trading View)

Key support: $0.322 (historical low), $0.300 (psychological barrier)

Main resistance: $0.344 (previous support level), $0.362 (short-term rebound target)

Market risk: BTC continues to fall, overall cryptocurrency market sentiment weakens, trading volume structure deteriorates.

Analysts believe that the short-term trend of Pi coin will highly depend on BTC performance. If the market lacks new fundamental positives, the price may continue to fluctuate at low levels or even hit new lows.

Conclusion

The Pi Network is currently under dual pressure from technical factors and market sentiment, and its high correlation with Bitcoin makes it lack independent rebound momentum. Investors need to closely monitor the key support level of 0.322 dollars; if it is lost, PI may initiate a new round of downtrend.