Pi Network is under pressure at the $1.67 level due to bearish investor positions. The upcoming Pi Day on March 14 might provide a recovery opportunity.
Market Pressure and Bearish Sentiment
According to TradingView data, Pi Network has faced significant downward pressure in recent weeks. Since February, the token has been caught in a persistent downtrend, leading to its current battle to sustain the $1.67 support level. Reports from Turkish NY Radio indicate that the majority of Pi investors are taking short positions, as evidenced by the negative funding rates in the futures market. This shift suggests that traders anticipate further price drops. Additionally, March 14, 2025, marks a crucial deadline for Pi Network users to complete KYC verification and transition to the mainnet. Users who fail to meet this requirement risk losing their accumulated PI balance.
Technical Indicators Signal Further Downside Risk
Technical analysis on TradingView reveals that the bearish trend in PI is gaining strength. The MACD indicator is approaching the zero line, signaling potential deeper declines. Market analysts emphasize that a bullish reversal would require strong investor interest and favorable macroeconomic conditions.
Can Pi Day Drive a Rebound?
Pi Day, celebrated on March 14, is a highly anticipated event within the Pi Network community. Increased social media engagement and community-driven enthusiasm could provide short-term support for the PI price. If the Pi Day momentum generates enough optimism, PI could break the key resistance at $1.98, potentially initiating an upward trend. However, a less favorable scenario might see a drop below the $1.64 support level, leading to further declines.
As Pi Day approaches, all eyes are on whether community enthusiasm can counteract market pessimism or if the bearish trend will continue to dictate price action.
