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Pi Network’s primary asset, Pi Coin (PI), remains stuck below $0.65, closing in on a critical support level of $0.60. Technical indicators suggest an increase in bearish pressure. Since May, daily trading volume has plummeted by over 90%, and on-chain interactions have nearly come to a halt. All eyes are on the upcoming “Pi Day 2” event on June 28, anticipated to set the short-term direction amidst current market uncertainties.
Troubling Signs from Technical Indicators
Analysts have observed alarming signals in various technical indicators tracking PI’s price movement. The Relative Strength Index (RSI) remains below 45, continuing its downtrend, indicating a lack of bullish strength. Additionally, the Moving Average Convergence Divergence (MACD) indicator keeps showing red histogram bars. The prevailing trend in the MACD underscores the bearish momentum.
The Ichimoku Cloud analysis also corroborates the downward trend. The price positions itself below the cloud (Kumo), and the lagging Chikou span indicates continuous bearish pressure. Technical analysts highlight that if PI coin fails to decidedly break the descending trend line near $0.75, a move below $0.60 to the next critical support level of $0.38 is technically more likely.
On-Chain Data Signals Declining Demand
On-chain data aligns with the technically pessimistic outlook. According to Artemis data, daily trading volume has dropped from above $2.2 billion in mid-May to below $62 million as of June 10. This represents a staggering decline exceeding 97%.
Moreover, the ratio of trading volume in the last 24 hours to the fully diluted market cap (FDMC) has dwindled to just 0.09%. This low ratio reflects a lack of liquidity and a significant decline in speculative interest. While a slowdown in supply might be beneficial in the long term, it is insufficient to compensate for the lack of demand or improve price movement under current market conditions.
Pi Day 2 Event’s Significance for Short-term Outlook
Scheduled for June 28, the “Pi Day 2” event is anticipated to be a turning point for the altcoin. The community is keenly awaiting announcements regarding three key issues: a clear timeline for the Open Mainnet necessary for listings on centralized exchanges, details on decentralized applications (dApps), and real-world commercial integrations, and an official statement on the Global Consensus Value (GCV) pegged at $314,159.
Should these expectations be met with concrete steps, a strong recovery in PI coin and a price test of $1 or above is anticipated. However, if the event lacks clarity or leads to vague promises, there is a risk of losing the $0.60 support and triggering a deeper correction. Current evidence leans toward a bearish sentiment, and the market seems to remain in a waiting mode for clear statements from Pi Network’s Core Team.
