Zafar is a seasoned crypto and blockchain news writer with four years of experience. Known for accuracy, in-depth analysis, and a clear, engaging style, Zafar actively participates in blockchain communities. Beyond writing, Zafar enjoys trading and exploring the latest trends in the crypto market.
Price swings, no DApps, and no clear mainnet launch — Pi Network is struggling to keep hope alive as pressure mounts on all sides. The recent drop in price is telling another hard story, with its price hovering near the $0.50 mark.
This sudden drop has pushed the token dangerously close to its all-time low of $0.40, last seen just a week ago. The bearish trend has sparked concern among holders, but not all indicators are pointing downward.
Pi Network RSI, the Relative Strength Index, is currently at 35, suggesting that Pi Network is nearing oversold conditions. This same scenario played out in early April, just before the token staged a short-term recovery. If a similar pattern follows, Pi could be gearing up for a bounce, especially if sentiment begins to shift more positively.
Technical indicators are starting to show early signs of potential upside. The squeeze momentum indicator has flashed black dots on the chart, which typically signals a consolidation phase before a larger price movement. Alongside that, the increasing number of green bars on the histogram points to a rise in bullish momentum.
This combination of pressure buildup and strengthening momentum could fuel a breakout if market conditions cooperate. A release from the squeeze to the upside might help Pi Network reverse its recent losses and push higher in the coming days.
At present, Pi is trading around $0.55, just shy of the key resistance level at $0.57. If it can reclaim this level as support, the next upside target would be $0.61. Breaking through that could potentially take Pi to $0.71, marking a meaningful recovery.
On the flip side, if the token fails to hold above the $0.51 support level, another drop could follow. A slide down to $0.45 or even a retest of the $0.40 low cannot be ruled out, especially if broader market weakness persists.
With momentum building and RSI nearing oversold, Pi Network could be in for a turnaround. But the next few days will be key. Whether it rebounds or slips further depends on its ability to hold critical support and attract renewed buying interest.
Moreover, on June 28, the Pi Network community celebrates Pi2Day, where they make major announcements from the core team. It could spark fresh excitement and buying interest.
Pi Network’s price recovery faces a major hurdle as 337 million Pi tokens, worth around $185 million, are set to unlock over the next 30 days, according to PiScan. This steady increase in supply adds significant selling pressure, especially with Pi still unlisted on major exchanges like Binance and Coinbase. As market sentiment remains weak, the ongoing unlocks could further drag down the already fragile price action.
Read more on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
