The Pi Network token (PI) is experiencing a challenging period, continuing its decline for the 13th day after a brief recovery to $1.79 on March 13. Over the last 24 hours, the token lost more than 3%, remaining under pressure after unlocks and increased centralized exchange activity.
Current Situation Overview
The week has been unfavorable for Pi Network: the token dropped over 20%, moving from 17th to 27th in market rankings according to Coingecko. Its market cap is now $6.2 billion, reflecting a $1.4 billion loss.
Technical Analysis of PI/USDT Chart
The PI/USDT chart on TradingView highlights a falling wedge pattern on the 4-hour timeframe, consolidating price between two downward-sloping converging trendlines, often considered bullish. Support near the lower trendline held firm at $0.87, indicating buyer efforts to push the price higher. Currently, PI is consolidating just below its 20-day Moving Average, aligning with the wedge’s upper trendline.
Breakout Potential
The falling wedge pattern suggests growing buyer interest as selling pressure diminishes, potentially leading to a breakout above the upper trendline. The price squeeze supports this scenario. Despite PiDaoSwap, a decentralized exchange added to the Pi ecosystem, buyers have yet to show enough confidence to significantly raise the price. As of writing, PI trades around $0.91. Traders often watch for a breakout above the wedge's upper trendline as a potential entry signal, though this pattern is not foolproof.
Despite the challenges faced by the Pi Network token, technical analysis points to potential growth opportunities. Traders are encouraged to combine pattern analysis with other indicators to confirm price direction.
