PI Price Under Pressure Amid Centralization Concerns and Bearish Technical Indicators

Following a notable surge on March 12 that saw PI gain 26.28% in a single day, the Pi Network token is now experiencing a steep downtrend. Concerns over the network’s massive holding of 82.8 billion coins have sparked debates about centralization and validator control, adding to investor apprehension. Technical analysis on TradingView, including the 4-hour chart, moving averages, and Fibonacci retracement levels, underscores a bearish trend. Data shows that after the surge, PI has shed 54% of its value, with key resistance noted at the 20SMA and 50SMA. Indicators such as the consistently negative Chaikin Money Flow and the observed selling pressure in the derivatives market further reinforce the negative sentiment. Support levels around $0.65 and retracement targets at $0.775 and $0.638 suggest potential take-profit zones for short-sellers. Overall, the analysis points to continued bearish pressure in the short term, with technical signals indicating that buyers should wait for a clear reversal in trend before re-entering the market.