Pi Network Witnessing Significant Decline, Working Towards Recovery

Pi Network has recently experienced a notable decline from its all-time high (ATH) of $3.00, with the current price hovering around $1.60. Despite the broader market downturn, investor confidence in PI remains positive, helping the altcoin withstand major losses.

The Moving Average Convergence Divergence (MACD) indicator is showing bullish potential for Pi Coin, hinting at a potential trend reversal if the MACD line surpasses the signal line. The shift in histogram bars from red to green would further reinforce the likelihood of a positive trend change.

Although there are signs of recovery, the Relative Strength Index (RSI) is still below the neutral 50.0 mark, indicating a lingering bearish sentiment. Until the RSI transitions into bullish territory, the upward movement of Pi Network's price is expected to be gradual and uncertain.

Pi Coin is currently holding above $1.59 and aiming to surpass the $2.00 resistance level, which is vital for reversing recent losses. Breaking through this barrier could signify renewed investor trust and lead the way towards recovering its ATH of $3.00.

However, in a bearish scenario, if Pi Coin loses its support at $1.59, it may potentially decline towards $1.43 or even $1.19, undermining the bullish outlook and prolonging any potential recovery efforts. The altcoin's progress hinges on the broader market sentiment remaining steady.