Pi Network (PI) Faces a Crucial Turning Point as Selling Pressure Intensifies

In an ever-changing crypto market, Pi Network finds itself at a crucial turning point. While investors were waiting for signs of stabilization

An article on Cointribune, a French crypto news outlet, claims that Pi Network is facing an intensifying selling pressure due to several factors, including the expiration of the migration period to the mainnet and technical indicators entering the red zone.

The article reports that a negative funding rate in the futures market indicates a predominance of short positions, which are used to bet on falling prices. This is evidenced by a negative funding rate, indicating that traders holding short positions are paying a fee to maintain them.

According to the outlet, this is explained by several key factors:

* The migration period to the mainnet has ended, putting an additional weight on the asset.

* Technical indicators, such as the MACD (Moving Average Convergence Divergence), are showing signs of bearishness, which could lead to further downward pressure on the asset.

* The critical support level of $0.019 is at risk of being breached, which could accelerate the downward trend.

Faced with these uncertainties, many traders are adopting a defensive strategy, reducing their overall risk exposure and exiting positions that are showing signs of weakness. This is intensifying selling pressure on assets like Pi Network.

Technical indicators provide little reassuring information. Among them, the MACD (Moving Average Convergence Divergence) shows a concerning configuration, with a potential imminent bearish break. If this trend is confirmed, Pi Network could see its price drop below the current support.

The critical levels to monitor are:

* $0.019: This is the immediate support level that needs to hold to prevent further declines. A break below this level could open the way for a drop to the next support at $0.014.

* $0.024: This is the resistance level that needs to be breached for the upward trend to continue. A break above this level could lead to a rally to the next resistance at $0.029.

If Pi Network fails to maintain its support, an acceleration of the downward trend seems inevitable, increasing the risk of a panic move among investors.

In this climate of uncertainty, some analysts hope to see the Pi Day effect act as a stimulus for crypto. Celebrated every year on March 14, this event typically generates an increase in engagement on social networks, which could positively influence the demand for cryptocurrencies.

According to an analysis by AtlToken, this eventuality remains uncertain and depends on several elements:

* A return of social engagement towards cryptocurrencies, especially on platforms like TikTok.

* A collective mobilization of the Pi Network community to celebrate this day and generate buzz online.

* A positive market sentiment that encourages investors to respond to this initiative.

However, these conditions remain theoretical and highly dependent on the overall sentiment of investors.

The future of Pi Network now hinges on its ability to surpass this critical phase. Two scenarios remain possible:

* A return of social engagement could benefit Pi Network, putting it back in the spotlight and spurring investors to take positions.

* A continuation of the current technical weakness could worsen the situation, pushing the asset into a vicious circle of bear market dynamics.

As the market oscillates between hope and caution, the coming days will be crucial for the project. Investor confidence and social momentum will play a key role in the evolution of the price of Pi Network, which could either confirm its current weakness or regain unexpected bullish momentum.