PI has experienced a 50% decrease in value within the last seven days, indicating a growing bearish sentiment among its investors. Currently, the altcoin is trading at $0.72, a significant drop from its recent high of $1.67.

Technical indicators suggest that the downward trend may persist due to substantial selling pressure in the market.

PI is facing strong selling pressure as indicated by its BBTrend, which remains in the negative territory on the daily chart, standing at -19.36. This indicator assesses the strength and direction of a trend based on Bollinger Bands' expansion and contraction. A negative BBTrend implies a bearish momentum, with the price consistently closing near the lower Bollinger Band due to sustained selling pressure.

Additionally, the token's Elder-Ray Index also supports the bearish outlook, currently showing a negative value of -0.12. This index indicates the dominance of sellers in the market and points towards a continued downward trend for PI.

The resistance at the 20-day exponential moving average (EMA) is limiting the potential for a recovery in PI's price. Trading below this moving average suggests that recent price movements are weaker than the short-term trend, signaling a lack of buying momentum. The token could potentially drop to $0.55 if the current trend persists, while a surge in buying pressure could push the price back up to $1.01.