Pi Network has experienced a significant drop of 18% in just 48 hours, erasing its recent recovery from March. This has caused concern among investors as the momentum has turned bearish. The Relative Strength Index (RSI) remains below 50, indicating weak buying pressure and the potential for further downturns. If this trend continues, Pi could face more losses in the future.
The risk of further declines is high as the RSI is not showing bullish signs. The Bollinger bands are also tightening, suggesting that Pi Network may experience high price volatility soon. The overall market uncertainty is further exacerbating the situation.
Currently, Pi Network is trading at $0.6085 and is struggling to break through the $0.617 resistance level after the sharp 18% drop. If the downward pressure continues, it will be difficult for Pi to surpass this resistance level. The next key support is at $0.519, and if selling intensifies, Pi could dip below $0.500, leading to more losses and impacting investor confidence.
However, if Pi Network can reclaim the $0.617 level, it could break free from the current bearish trend and potentially rise to $0.710. This could shift its momentum and spark a recovery, giving investors renewed hope.
In April, Pi Network has planned to unlock millions of tokens. On April 16, 2.8 million PI tokens were unlocked, and a total of 108.9 million Pi tokens are set to be unlocked during the month. Daily unlocks will continue, ranging from 5 to 6 million tokens each day. These token unlocks could affect the market by increasing supply and potentially lowering Pi’s price if demand drops due to internal and external factors.
Despite the recent price decline, Pi Network is making strides in the U.S. market. It has become an affiliate member of Stanford and entered the real estate market through its adoption by Florida-based Zito Realty. These developments have sparked speculation that major banks like JPMorgan and Bank of America may take notice.
There are estimates that if top banks start using Pi Network, the price could soar to as high as $30. The network is also gaining momentum in the Web3 space, partnering with Banxa and integrating Chainlink Data Streams. Institutional adoption could support Pi Coin’s price, but key upgrades are needed to attract big players.
In conclusion, Pi Network is currently facing a bearish trend with the potential for further declines. However, if it can reclaim key resistance levels and attract institutional adoption, there is a possibility of a recovery. The ongoing token unlocks in April will also play a role in shaping Pi’s future price.
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