PI Network Facing a Lack of Buyers
The Pi Network, the mobile mining cryptocurrency that generated excitement in the world of cryptocurrencies, is currently going through a challenging phase. Despite a general market recovery, the PI token has continued to lose ground, dropping by 5% in the last 24 hours. This persistent downtrend raises concerns about its future.
Key technical indicators reinforce the bearish outlook for the Pi Network. Its On-Balance Volume (OBV), which tracks buying and selling pressure, has consistently dropped, hitting a historical low of -845.93 million. This drop of over 2,000% since the beginning of March signals a decline in market participation and liquidity.
When an asset’s OBV plunges like this, it means buying activity is decreasing and selling is intensifying. This suggests that more PI traders are getting rid of the asset rather than accumulating it, exerting downward pressure on its price.
Its Chaikin Money Flow has been negative since March 13, confirming this lack of interest and/or profit-taking.
Nevertheless, the RSI on a 3H timeframe signals a bullish divergence. Moreover, PI is in a strong demand zone. PI may still drop in the short term to $0.73. But the RSI divergence may indicate a short-term trend reversal as sellers weaken.
Furthermore, the Pi Network has remained in a descending parallel channel, a pattern that reflects its medium-term bearish trend. Since reaching a historical peak of $3 on February 26, PI has been moving within this bearish pattern, characterized by a series of lower lows and lower highs. This structure indicates that sellers are still in control and preventing any significant bullish momentum.
Potential Further Decline for the Pi Network ?
The increasing selling pressure on the Pi Network puts it at risk of breaking below the lower limit of the descending parallel channel. If this happens, the token’s bearish trend would intensify, pushing its price from $0.73 to $0.62. However, if buyers regain control and buying activity increases, the Pi Network could reverse its current trend and rise to $1.13.
Beyond these support and resistance levels, the future of the Pi Network will depend on its ability to regain investors’ trust and foster sustainable buying momentum. The future developments of this mobile cryptocurrency will be closely monitored by the crypto community to understand the factors that will shape its long-term evolution.
The $0.6 support level is therefore the last chance for the PI token to bounce back. However, if buyers regain the upper hand, the Pi Network could reverse its course and provide new opportunities for investors. The future of this cryptocurrency remains closely watched as it will need to overcome key challenges to regain the trust of the crypto community.
How to Buy PI on Weex ?
You can acquire PI, the token of the Pi Network, on Weex by following a simple and intuitive process, ideal for beginners and seasoned investors. Here is a practical guide to buy the token now:
- Create a Weex account
Visit Weex’s official website and sign up with your email or phone number. Validate your registration via the received code and activate two-factor authentication (2FA) for account security. - Verify your identity (KYC)
Complete the KYC verification by submitting an ID document and, if required, a proof of address. This quick step is necessary to unlock all trading features. - Add funds
Go to the “Deposit” section and top up your wallet with cryptos (USDT, BTC, etc.) or via fiat options like bank transfer or card (subject to availability). Follow the instructions to complete. - Find the token
Head to “Trading Spot”, search for “PI” in the dedicated bar, and select the PI/USDT pair to access the trading interface. - Make the purchase
Choose a market order for an immediate purchase or a limit order to set a specific price. Specify the desired amount of PI, verify, and confirm your transaction.
