In an ever-changing crypto market, Pi Network finds itself at a crucial turning point. The asset faces a downward trend due to increased selling pressure and weak technical indicators.
Intensifying Selling Pressure
The futures market is sending critical signals for Pi Network. A negative funding rate reveals a predominance of short positions, reflecting a widespread anticipation of falling prices. Key factors include:
* The migration deadline to the Mainnet, set for March 14, which puts pressure on Pi holders who have not completed their KYC verification. * A loss of confidence among investors, with some preferring to liquidate their positions to avoid being left with unusable tokens. * The lack of buying support, which prevents the asset from regaining sustainable bullish momentum.
Serious Technical Signals
Technical indicators provide little reassuring information. Among them, the MACD shows a concerning configuration, with a potential imminent bearish break. If this trend is confirmed, Pi Network could see its price drop below its current support. Critical levels to monitor are:
* $1.64, currently the main support level for Pi Network. * $1.43, a pullback level in case of a support break. * $1.98, the key resistance to overcome for a bullish reversal.
The Pi Day Effect: A Possible Catalyst?
In this climate of uncertainty, some analysts hope to see the Pi Day effect act as a stimulus for crypto. Celebrated every year on March 14, this event typically generates an increase in engagement on social networks, which could positively influence the demand for Pi Network. For this effect to play in favor of the project, several elements must come together:
* A significant increase in trading volumes, indicating a renewed interest from the market. * A breakout above the $1.98 resistance, which could negate the current downward trend. * A renewed enthusiasm from the community, capable of generating bullish momentum.
The future of Pi Network now hinges on its ability to surpass this critical phase. Two scenarios remain possible: a bullish scenario with a breakout above $1.98, allowing for sustainable recovery; or a bearish scenario with a break below $1.64, potentially accelerating the decline. Investor confidence and social momentum will play a key role in shaping the price trajectory.
