Pi Network free fall? Selling pressure surges, PI may fall towards the historical low of 0.32 USD.

The PI Network (PI) has once again fallen into a dumping wave, with the price breaking below the key support level of $0.37 that has been held since August 1, leading to a sudden shift in market sentiment to pessimism. On August 19, PI reported $0.36, with a 24-hour volume surge of 104%, indicating a sharp increase in selling pressure, as investors worry that it will return to the historical low of $0.32.

Dumping pressure surges, technicals turn bearish

The volume and price are moving in opposite directions simultaneously, indicating that market participants are accelerating their exit from positions.

Volume: Daily increase of 104%, indicating active dumping.

Price Structure: Fell below the 0.37 USD support level, short-term trend weakens.

Market sentiment: Sellers dominate; unless new buying interest intervenes, the downward trend may continue.

BoP Indicator: Sellers Have Full Control

The Balance of Power (BoP) indicator is currently -0.66 and continues to decline, indicating that sellers have a much greater influence on price trends than buyers.

BoP interpretation: A negative value indicates that selling pressure is dominant.

Bearish signal: If BoP continues to decline, the PI price may further fall.

Key Support and Historical Low Risk

Recent support: 0.37 USD (has been breached)

Historical low: 0.32 USD

If buyers cannot quickly reclaim $0.37, selling pressure may push PI directly to $0.32, potentially triggering a new round of panic dumping.

CMF Bullish Divergence: The Opportunity for a Rebound Still Exists

Although the short-term trend is bearish, the Chaikin Money Flow (CMF) indicator shows a bullish divergence:

CMF Current Value: 0.04, showing an upward trend

Meaning: When the price falls, funds return to positive values, indicating that some buying pressure has begun to flow back.

If buyers continue to enter the market, PI is expected to regain 0.37 USD and briefly challenge the 0.40 USD support level.

Conclusion

The PI Network is currently facing dual challenges of selling pressure and the breach of support, with a bearish trend in the short term. However, the bullish divergence in the CMF leaves a glimmer of hope for a rebound. Investors should closely monitor the reclaiming situation at $0.37 and the defense battle at $0.32, as this will determine whether PI continues its free fall or experiences a technical rebound. For more real-time market information and in-depth analysis, please follow the official Gate platform.