Over the past few weeks, Pi Network has experienced a notable decline, marked by distinct bearish candlestick formations. On November 23, the chart revealed an inverted hammer or shooting star pattern, characterized by a small body and a prominent upper shadow. This pattern is widely recognized as an indicator of potential trend reversal.
The following day, November 24, Pi coin’s price action displayed a doji-like candlestick, featuring a narrow body with extended upper and lower wicks. This formation is often interpreted as a signal of market indecision, leaning towards bearish momentum. Recently, the appearance of the three black crows pattern—a sequence of three consecutive bearish candlesticks—has reinforced the likelihood of further downside movement in the near term.