Pi Network Price Volatility

Pi Network is currently experiencing price volatility due to large liquidations and the anticipated token unlock. Technical analysis indicates that a breakout above the $1.9948 key resistance level is essential for a bullish rally.

Pi Network (PI) has dominated Coingecko’s trending cryptocurrency list, leading to significant market speculation and price fluctuations.

As of now, the price is hovering around $1.79, reflecting a 40% decrease in trading volume over the last 24 hours. With a strong resistance level at $2, the market is questioning whether bulls can break through this barrier.

Technical Setup

PI has been steadily consolidating, revealing a sense of indecision among market participants in the past day. Since its mainnet launch, the coin has consistently tested the $1.9948 resistance mark on the 1-hour chart while facing notable challenges.

Analyst Zenith Zoro on CoinMarketCap suggests that if PI successfully breaks above this level, it could rise to $2.0364 in the near term. Conversely, rejection at this level might trigger a drop to $1.5682 due to increasing bearish pressure.

PI’s Relative Strength Index (RSI) indicates a reading of 61, placing it in the upper neutral zone at the time of writing, along with decreased trading volume. This suggests a selling trend among traders, weakening the bullish momentum necessary to surpass the $2 resistance.

Pi Network On-Chain Insights

Examining the liquidation charts, traders appear to have a mix of long and short positions. However, heightened price volatility has led to frustration and forced many to exit their positions over the past two weeks. Recent data from Coinglass shows that PI’s open interest has declined by 2.45% in the last 24 hours, with a long-short ratio of 0.83, indicating bearish sentiment.

Market Outlook and Trends

Upcoming unlocks for Pi Network are expected to increase the supply of circulating coins, impacting future prices. Current market oscillators and moving averages lean towards a ‘sell’ signal amid ongoing price fluctuations. A significant unlock event is slated for March 17, presenting bulls with considerable resistance.

Additionally, Zito Realty LLC, a real estate company, plans to begin accepting PI as a payment method for homes, enhancing its utility. Speculation regarding a potential PI listing on Binance could generate renewed buying interest.

What’s Next?

To catalyze a breakout and an upward rally in the long term, a strong buying pressure sustained above the $1.9948 resistance level is essential amid positive market sentiment. Traders are advised to monitor scheduled unlocks, market trends, and price action around key levels for additional insights.