- Pi Network is trading sideways around $0.1500 with weak momentum.
- Bearish signals and upcoming token unlocks keep pressure on the price.
Pi Network is moving sideways around $0.1500 as traders wait for a clearer direction. The token shows weak activity while the wider crypto market prepares for a possible recovery driven by improving global sentiment.
Broader Crypto Market Shows Strength
The wider cryptocurrency market is showing early signs of optimism. Mid-cap coins have posted strong gains over the past 24 hours as hopes of improved global stability increase risk appetite.
A potential US-Iran peace deal has also supported market confidence. This has encouraged investors to rotate into higher-risk assets. However, Pi Network is not benefiting from this shift and continues to lag behind other digital assets.
Weak Confidence Keeps Pi Network Under Pressure
Investor confidence in Pi Network appears to be weakening. Recent data shows that more than 200,000 PI tokens were deposited into centralized exchanges. This suggests increased selling pressure and reduced short-term trust.
Several ongoing factors continue to weigh on the token. These include the second phase of mainnet migration and the expectation of a large 141 million PI token unlock scheduled for June. These events increase supply pressure and limit upside potential.
Technical Outlook Remains Bearish
Pi Network’s price structure continues to show weakness on lower timeframes. The token is trading below key moving averages on the 4-hour chart. These include the 50-period, 100-period, and 200-period exponential moving averages at $0.1539, $0.1595, and $0.1661.
Price action remains trapped in a tight range between $0.1463 and $0.1550. Attempts to recover toward resistance levels have been met with selling pressure.
The RSI sits at 43, staying below the neutral 50 level. This indicates mild downside pressure. Meanwhile, MACD signals remain flat and below the zero line, showing weak directional strength.
Key Levels to Watch
If Pi Network falls below $0.1463, it could open the door to further downside toward $0.1449 and $0.1410. These levels act as short-term support zones based on pivot point analysis.
On the upside, a move above $0.1550 is needed to shift sentiment. A breakout could push the price toward $0.1594, which aligns closely with the 100-period moving average at $0.1595. This would be the first sign of renewed strength.
Pi Network remains stuck in a narrow consolidation phase while the broader crypto market attempts to recover. Weak demand, exchange inflows, and upcoming token unlocks continue to limit upside potential. Until price breaks above resistance or holds key support levels, the outlook remains cautious.
ALSO READ: Pi Network Price Forecast as OKX Opens US Trading Access for PI Coin
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.