Pi Coin price hits all-time low: Only if this 33% drop pattern is confirmed.

Pi Network (PI) is currently trading at $0.1897, and the double top pattern on the daily chart suggests that the all-time Dip of $0.1300 could reappear for the first time since February 2024.

Two technical signals suggest a strengthening bearish structure — however, this pattern is only truly accurate if a specific price level is broken.

Selling pressure on Pi coin is increasing.

The MFI indicator peaked above 83 around March 12, 2024 — this was the highest level ever seen on the chart and indicated a very deep overbought zone. This also coincided with the second peak of Pi Coin's double-top pattern near $0.27.

Since then, this indicator has continuously declined to 43.44. This decline has been quite strong and sustained over 10 trading sessions, showing a clear downward trend. The MFI has not recorded any significant recovery — each session is lower than the previous one.

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The 43.44 index is currently near the middle of the neutral zone. If it falls below 40, the indicator could shift to a strong outflow trend. The last time the MFI indicator was at such a low level was at the end of February 2024 — when the PI traded around $0.16.

Bitcoin's correlation with the index turned negative for the first time since February 2024.

The correlation between Pi Coin and Bitcoin has now reversed to -0.27, falling into negative territory for the first time since the end of February 2024. This change is marked by the pink area appearing on the chart starting around March 19, 2024.

In early and mid-March 2024, the correlation coefficient had risen as high as +0.65, meaning the PI fluctuated almost in parallel with Bitcoin. However, this relationship has now completely reversed. At -0.27, the PI is now moving in the opposite direction to Bitcoin instead of in the same trend.

The practical consequences are quite clear. If Bitcoin rises in price in the next few days, PI will not necessarily benefit. This Token is being affected by internal selling pressure, no longer heavily dependent on the general market trend. This removes the familiar "lifeline" for altcoins when facing bearish setups.

Pi Coin price faces risk of sharp decline.

The price of Pi Coin is currently at $0.1897 on the daily chart, close to the 0.236 Fibonacci level at $0.1894 after a 33.11% drop from its peak of $0.2990 on March 13, 2024. The EMA at $0.1940 is currently Vai as resistance above the price. The price remains within an extended descending channel on the right side of the chart.

The PI has failed to break above the EMA at $0.1940, further reinforcing the bearish scenario, with the next support zone being the Fibonacci retracement level at $0.1555. The negative correlation of 0.27 with Bitcoin limits the upside potential during a BTC recovery, while increased selling pressure, evident in consecutive distribution sessions since March 13, 2024, keeps the likelihood of further declines high. Horizontal support at $0.1597 is the first target, followed by $0.1527 and $0.1415 — both clearly marked on the chart.

If the price can close above the EMA at $0.1940, the short-term bearish structure of Pi Coin will be challenged and short-term momentum may reverse. If the $0.2103 level, or the 0.382 Fibonacci level, is reclaimed, the entire bearish outlook will be invalidated and the possibility of reclaiming the $0.2442 mark will open up. However, until either of these levels is broken by the closing price, the All-Time-Low of $0.1300 remains a significant downside target if the $0.1415 area is breached.