Pi Network made an impressive start this month, but it was short-lived. The token has dropped over 75% from its February high near $3 and is currently sitting at $0.6894, down 6% in the last 24 hours and 15% over the week.
Pi Coin Stuck In Tight Range With Bearish Trends
Pi is currently stuck in a tight range between $0.688 and $0.816, and is hovering above key support levels. Despite the price dip, trading volume is up 42% in the past day to $158 million. But on-chain data reveals rising exchange inflows, a sign that more Pi is being prepared for selling as 263 million Pi coins will be unlocked in June, 233 million in July, and 132 million in August.
The coin’s trend remains bearish with all key moving averages (10, 20, 50, 100-day EMAs and SMAs) sitting above the current price. The Bollinger Bands are tightening, and the MACD is negative. RSI is also neutral at 43.6. Unless the Pi breaks above the $0.75-$0.78 resistance range, the next key support levels are $0.60 and $0.50.
If the buying volume picks up, it could retest the $0.85-$0.85 zone. However, on the flip side, it could stay stuck between $0.70 and $0.76 through May 31.
Will Pi Rebound Above $1?
As the first half of the year comes to a close, Pi could face more selling pressure if fear and doubt grip the market. This could push the price to $0.58-$0.65 in the short term. According to CoinDCX, if the buyer interest returns and volume picks up, it has a chance to rebound toward the $1.00-$1.20 level. If there is momentum, it could even finish June at $1.82.
However, analyst Dr Altcoin predicts that Pi’s price may keep falling through August, after which it may slowly start to recover. He had previously warned that it could drop to $0.40, unless the Pi Core Team steps up with more transparency.
In the long term, Pi network is pushing to build value through its $100M Ventures Fund aimed at real-world use cases in fintech, gaming, e-commerce, and AI. But for now, the technical picture stays weak until demand picks up.
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