Pi Coin price fell more than 10% over the past seven days after breaking below a critical technical level on Dec. 11, confirming a bearish head and shoulders pattern that could push the token toward a new all-time low. The breakdown below the $0.219 neckline triggered sell signals across the daily chart, though early divergences in momentum indicators suggest some buyers remain active at current levels.
What Happened: Pattern Breakdown
Pi Coin dropped through support near $0.219 on Dec. 11, completing a textbook head and shoulders formation on the daily chart. The pattern projects a downside target of approximately 22.8%, which would place the token near $0.169.
That level matters because Pi Coin's current all-time low stands at $0.172. A move to $0.169 would mark a fresh record low for the token, which had held relatively steady through November while larger cryptocurrencies faced selling pressure.
The price traded near $0.208 at press time.
The most immediate support now sits at $0.192, with a break below that level clearing the path toward the $0.169 pattern target.
Also Read: XRP Falls Below $2.10 as Technical Indicators Signal Further Downside Risk
Why It Matters: Divergences Emerge
Two technical indicators show signs of divergence from price action, suggesting sellers may not have complete control despite the pattern breakdown. The Chaikin Money Flow (CMF), which tracks institutional buying and selling pressure, formed a bullish divergence between Dec. 9 and Dec. 11 as the price made a lower low while the indicator trended higher.
The CMF has also broken above its short-term downtrend, though it remains below the zero line that separates net buying from net selling.
The Relative Strength Index (RSI) formed its own hidden bullish divergence between Nov. 4 and Dec. 10, with the price making a higher low while the indicator made a lower low—a signal that typically indicates weakening selling pressure.
For recovery, Pi Coin must first reclaim $0.233, the level above the pattern's right shoulder.
A full reversal would require a move above $0.284, the zone above the pattern's head, according to the chart analysis.
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