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Cryptocurrency News Articles

Pi Network (PI/USDT) Chart Forms Bearish Pennant Pattern Ahead of 47% Decline

May 27, 2025 at 02:24 pm

On May 27, 2025, the 4-hour Pi Network (PI/USDT) chart published on OKX formed a bearish pennant pattern. This pattern usually appears after a sharp drop

Pi Network (PI/USDT) Chart Forms Bearish Pennant Pattern Ahead of 47% Decline

May 27, 2025 – The 4-hour chart of Pi Network (PI/USDT) published by OKX showed a bearish pennant pattern forming. This pattern typically occurs after a sharp decline, followed by a brief consolidation inside converging trendlines, usually signaling another downward continuation.

After a steep decline from the $1.50 zone to lows near $0.60, the price found support and bounced back. During this rally, the 50-period Exponential Moving Average (EMA) at $0.7848 acted as dynamic resistance, and the Relative Strength Index (RSI) moved into overbought territory.

However, as the price approached the EMA at $0.7848, selling pressure emerged, stalling the recovery attempt. As the 50-period EMA began to exert pressure, buyers struggled to maintain control, leading to a period of consolidation.

As the converging trendlines formed the pennant pattern, the price remained contained within a narrow range. This consolidation phase was characterized by decreasing trading volume, suggesting a potential shift in market dynamics.

At the time of analysis, the price was trading at $0.7413. If the pattern completed, it was projected to see a 47% decline, setting a target around $0.3942. A clear breakout below the red support trendline with strong volume would confirm the pennant and activate the downside.

Moreover, PI/USDT remained below the 50-period EMA, which was located at $0.7413 at the time of writing and posed an immediate resistance. This continued presence below the 50-period EMA supported the bearish momentum.

The RSI was currently at 36.91, below the neutral 50 level, indicating that sellers had the upper hand and pushed the price into oversold territory.

As the chart showed, the converging trendlines, minimal trading volume, and the 50-period EMA provided support for another drop toward the $0.3942 zone. However, if the price managed to break above the pennant pattern and the 50-period EMA, it could set the stage for a recovery toward the $1.00 level.

Nevertheless, unless there was a strong breakout above the pennant pattern and the 50-period EMA, the pennant formation suggested that the bearish tendencies were likely to continue.

Original source:coinchapter

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