While bitcoin is stalling, some altcoins are wavering. This is the case with Pi Network, whose token PI, still not officially listed, has just touched a new low at 0.40 dollars. This sharp drop, followed by a slight rebound, fuels renewed tension around a project as followed as it is contested. Between intense speculation, contradictory technical indicators, and imminent deadlines, the crypto now operates in a pivotal zone that could seal its short-term future.
While Pi Network faces major bugs and an angry community, the crypto price dropped to $0.40 on June 13, its lowest level since April, before partially retracing to around $0.53 according to CoinGecko data.
This sharp drop occurred amid a tense geopolitical climate, notably marked by tensions in the Middle East, which slowed the momentum of the entire crypto market. However, some indicators suggest a potential trend reversal.
The RSI (Relative Strength Index) of the PI token is currently near 32, according to TradingView data, placing it at the border of the oversold zone. In technical analysis, an RSI near or below 30 suggests the asset is potentially undervalued and could experience a rebound.
Other technical signals support this short-term bullish scenario:
In summary, while technical analysis of on-chain data seems to offer a glimmer of optimism, this potential rebound remains dependent on an unstable environment that could shake the most promising setups.
While some technical indicators suggest a possible reversal, fundamental signals point to a more concerning situation. In recent weeks, one data point in particular has caught analysts’ attention: the significant increase in the volume of tokens transferred to centralized exchange platforms.
More than 346 million tokens are now held on exchanges, about 82 million more than a month ago. This trend, often interpreted as a signal of impending sales, weakens the prospects for a rebound.
Even MOON JEFF, a usually optimistic crypto investor, highlighted this potential pressure.
Adding to this dynamic is another significant factor: the gradual arrival of 337 million additional tokens on the market over the next 30 days, according to PiScan data. An injection equivalent to nearly 185 million dollars at the current price in an already strained market represents a considerable risk of overselling pressure.
This fragility is even more marked because Pi Network is still not listed on major platforms such as Binance or Coinbase, limiting its liquidity and access to institutional investors.
In the face of this dynamic, Pi Network’s outlook remains uncertain. The community event on June 28, Pi2Day, could play a crucial role in shaping sentiment around the project. If it results in concrete and credible announcements, it could revive interest and mark the start of a solid recovery. Conversely, unclear or disappointing communication could amplify sales and push the token below its lowest levels.
