Pi Network price continued its downward trend on Saturday as concerns about its centralization and token unlocks remained.
In the eight-hour chart, we can see that the Pi Coin price peaked at $1.6673 ahead of the highly anticipated ecosystem news event. From there, it plunged to the current $0.6980, its lowest point in over a week.
Pi has now moved below the key support at $0.7760, the highest swing on April 12. Moving below that support invalidates the formation of the bullish break-and-retest pattern.
The coin has also moved below the 25-period moving average, while the Relative Strength Index has pointed downwards and moved below 50.
Therefore, the Pi Network price will likely drop and retest support at $0.6, which coincides with the ascending trendline connecting the lowest swings since April 7. A drop below that level will point to more downside, potentially $0.40.
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