Pi Network (PI) traded around $0.20 on March 21, attempting to recover after a 35.74% decline from its March 13 peak near $0.27.
Momentum indicators suggest the rebound may be weak, with bearish pressure building despite a modest short-term bounce.
The Squeeze Momentum indicator remains negative at -0.0241, signalling accelerating downside momentum and continued selling pressure.
At the same time, the Money Flow Index has fallen from overbought levels above 84 to a neutral reading near 42, indicating that buying pressure has significantly weakened.
Price action shows PI holding just above key Fibonacci support at $0.1907, a level that must hold to keep the recovery scenario intact.
A break below that support would expose further downside toward $0.1779 and potentially $0.1600, while resistance sits at $0.2070 and higher levels near $0.2250.
The recent Kraken listing and Protocol 20 upgrade failed to sustain upside momentum, with broader market conditions and token selling pressure continuing to weigh on the altcoin.
At the time of reporting, Pi Network price was $0.189.