Can PI defend the $0.10 psychological level amid low trading volumes?

Pi Network PI is trading in the green on Monday but remains under pressure, trading below $0.1300 after recording its sixth consecutive weekly loss.

The token has fallen roughly 10% over the past week, extending a broader downtrend that has persisted for months and pushing prices toward fresh record lows.

The technical indicators suggest that the bears remain in control despite the ongoing market recovery.

Declining volume highlights weak market participation

PI is up by less than 1% in the last 24 hours and is currently trading below $0.1300. One of the key concerns for PI remains the steady deterioration in trading activity.

Currently, trading volume increases that previously supported short-term rebounds have become increasingly weaker over the past year.

The falling prices and declining volume suggest that buyer demand is struggling to absorb ongoing selling pressure.

Usually, declining volume during a downtrend reflects waning retail participation and weakening market conviction, making recovery attempts more difficult to sustain.

The recent selloff saw PI dip to a new low of approximately $0.1184 on Saturday, underscoring the persistent lack of liquidity in the market.

Without a meaningful increase in trading activity, the token remains vulnerable to broader market risk-off conditions and additional downside pressure.

PI price forecast: Technical structure remains bearish

The PI/USD 4-hour chart remains bearish and efficient despite the current market recovery.

The technical structure indicates that PI could face further selling pressure in the near term.

At press time, PI is trading at $0.12923, below the 50-day EMA at $0.1549, the 100-day EMA at $0.1676, and the 200-day EMA at $0.2142.

The price action remains dominated by a descending resistance trendline formed from the March and April highs, reinforcing the longer-term bearish outlook.

Technical momentum signals offer little evidence of a sustained recovery.

The Relative Strength Index (RSI) is hovering near 50, just below the neutral territory, indicating that downside momentum remains in place despite the possibility of short-term relief rallies.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains deeply negative, further confirming continued selling pressure.

If the bearish trend persists, PI could retest the recent low of $0.1184. Failure to defend this support level could see PI decline towards the next major zone at $0.1124. 

A failure to hold above the recent low at $0.1184 could expose PI to fresh all-time lows, while any recovery attempt would first need to break through the descending trendline that has capped rallies for months.

However, if the market recovery continues, the bulls would encounter immediate resistance at $0.1305.

A decisive break above this level could see PI extend its rally towards the $0.1478 and the 50-day EMA at $0.1549. 

Unless demand returns and volume improves meaningfully, the token may remain vulnerable to further downside in the near term.