Pi Network has experienced a significant decline in price, losing over 15% in the past week and currently trading around $0.67 to $0.69. The altcoin, which surged nearly 200% reaching a local high of $1.67 earlier in May, has since undergone a steep correction erasing most of those gains. Technical indicators such as the Chaikin Money Flow (CMF) and squeeze momentum reveal growing selling pressure and bearish momentum, with CMF slightly below zero signaling investor outflows.
The market sentiment is deteriorating, with increased exchange inflows as investors prepare to sell. Approximately 263 million PI tokens are set to unlock in June, followed by 233 million and 132 million tokens in July and August respectively, adding to the supply pressure. Major moving averages including the 10-, 20-, 50-, and 100-day EMAs and SMAs remain above the current price, affirming the bearish trend.
Further downside risks include breaking the immediate support levels at $0.61 and $0.57, which could accelerate losses. Conversely, reclaiming support around $0.71 or breaking above $0.78 might trigger a short-term recovery, though current momentum indicators like MACD and the Awesome Oscillator remain negative. The Relative Strength Index (RSI) and stochastic RSI suggest oversold conditions but without clear reversal signals.
Despite these short-term technical challenges, Pi Network is pursuing long-term growth initiatives, notably the launch of a $100 million Pi Network Ventures fund aimed at supporting projects in e-commerce, fintech, gaming, and AI. However, until such fundamentals translate into higher demand and trading volume, Pi’s price outlook remains dominated by bearish signals.