Pi Network has experienced a significant drop of nearly 20% in the past week, attributed to the increased market volatility spurred by Donald Trump's trade war. This decline has dampened investor sentiment and raised concerns about further losses for Pi Network.

Analyzing key indicators, it becomes apparent that Pi Network may be facing continued downside risks. The on-balance volume (OBV) for Pi has been decreasing on a four-hour chart since March 6, indicating a surge in bearish pressure. This decline in OBV suggests a shift towards selling pressure, potentially leading to further price declines.

Additionally, the Elder-Ray Index for Pi Network points towards a bearish outlook, with a negative value reflecting significant selloffs among market participants. This index highlights the increasing dominance of sellers in the market, signaling a strengthening downward pressure.

Currently trading at $1.80, Pi Network is hovering above a crucial support level at $1.62. If selling pressure persists, a drop below this support could see the altcoin's value plummet to $1.62. However, a resurgence in demand for Pi Network could reverse this bearish trend, pushing the price above $2 towards $2.12. Breaking through this resistance level could potentially lead to a retest of Pi Network's all-time high of $3.