Pi Network price has been in a downward trend in the past week as hopes of the mainnet launch happening this year faded. The Pi coin has now formed a high-risk chart pattern that could lead to more downside.
Pi Network Price Analysis: Bearish Pennant Forms
The Pi Coin IoU price could be on the cusp of a strong bearish breakdown after forming two risky chart patterns. It formed a near double-top pattern around the resistance level at $92. This pattern is made up of twin peaks and is often a popular sign of more downside.
Pi Network has now formed a bearish pennant pattern, which is characterized by a long vertical line and a triangle-like pattern. This symmetrical triangle has formed well and is slowly bearing its confluence level. A bearish breakout typically happens when the two lines of the triangle are about to converge.
Worse, Pi Network has also moved slightly below the 50-day Exponential Moving Average, while the MACD indicator has dropped below the zero line.
Therefore, a dr
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