We discuss the current situation around Pi Coin — why its price declined and what factors affect its further movement.
Significance of March 14 for Pi Network
March 14 marked an important date for the Pi Network: it was the sixth anniversary of its creation and the last day for KYC completion and migration to the mainnet. Nevertheless, we witnessed a classic 'sell the news' scenario with Pi Coin's price dropping 15% to $1.45.
Technical Indicators Show Bearish Trend
According to the investing platform, current technical indicators show negative market sentiment. The MACD indicator reads -0.045, indicating that short-term trends are weaker than long-term trends, suggesting active selling. The Ultimate Oscillator stands at 50.007, indicating a balance between buyers and sellers. The Rate of Change (ROC) is at 5.616, showing positive price movement but not overcoming the current selling pressure. RSI on the hourly and daily charts is below the neutral 50, suggesting bearish momentum.
Pi Coin Price Outlook for Today
Given current technical indicators and the recent price drop, Pi Coin is likely to continue facing downward pressure. The price might test the $1.40 level as the next support zone. If this level holds, consolidation between $1.40 and $1.50 could occur throughout the day. Should market sentiment improve and buyers step in, Pi Coin might attempt to recover and test the $1.55 region, but a breakout above yesterday’s highs is unlikely in the short term.
Despite the current decline, Pi Coin remains in the spotlight for many investors. Market sentiment and technical indicators do not provide optimism yet, but future actions by market players may change the situation.
