Pi Network Price Falls Below $0.09 as PI’s Recovery Starts to Unravel

Although most of the cryptocurrency market is slightly in the red over the past 24 hours, some assets, such as Pi Network’s native token, have taken the retracement much worse than the rest.

What’s particularly worrying about PI’s performance is that it halted its rather impressive resurgence after the recent all-time lows, begging the question whether a new bottom is on the horizon.

Another Failed Attempt

July has been quite painful for the popular yet controversial token. It charted several consecutive ATLs, especially after it broke below the coveted $0.10 support. The latest record low came in the middle of the month when it tanked to just over $0.07.

This support level, though, finally provided the necessary help for the asset to rebound in the following days. At one point, PI became the market’s top performer, surging by 20% and challenging the same $0.10 level, but this time from the downside.

After several hours of trying to break through, the bears emerged victorious and halted its move north. In the following days, PI kept losing traction but gradually and managed to maintain above $0.09 for the most part. However, another breakdown has materialized in the past 24 hours as the token has slumped by more than 10% and now sits at around $0.082.

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