Pi Network (PI) Faces Pressure as Market Anticipates Price Decline

Pi Network (PI) is under pressure as traders anticipate a price decline. The Mainnet Migration deadline ended on March 14, adding uncertainty.

Anticipation of a price decline in Pi Network (PI) is rising as the cryptocurrency faces several challenges, including the recently ended Mainnet Migration deadline on March 14.

Those who did not complete the process by the deadline may face difficulties, and traders in the futures market are positioning for a price drop, with more short positions than long, signaling a bearish outlook.

The funding rate in the futures market is also negative, which aligns with the expected price decrease. Additionally, investors who missed the KYC and migration deadline risk losing most of their balance, except for PI mined within the last six months before migration. This contributes to the potential for further selling pressure on Pi Network.

Pi Network Funding Rate Reflects Bearish Sentiment

The funding rate data from Coinglass highlights a strong preference for short positions, further supporting the anticipation of a price decline in Pi Network.

From the chart, it’s clear that most traders had a short-term bearish outlook on PI, anticipating a downward move in the coming days. This is supported by the technical indicators, such as the MACD approaching a bearish crossover, which is often a sign of a slowing bullish momentum or an impending price reversal.

If the MACD completes the crossover with the EMA indicator in the lower timeframe, it could indicate a stronger selling pressure on PI in the coming days.

Traders who are monitoring Pi Network should be aware of the current market conditions, which may not favor immediate price recovery. The SMA-200 is currently acting as a key resistance for buyers, while the MACD is approaching a bearish crossover, which could bring more selling pressure on the cryptocurrency.

Price Holds Support But Struggles To Break Resistance

Creneau principal: Pi Network (PI/USDT) is currently trading at $1.49, placing it below the critical support level at $1.64. The price has been following a descending channel throughout March, limiting its potential for an upside breakout.

Despite the recent hype surrounding Pi Day, which provided some temporary relief for sellers, PI price remains under pressure as it struggles to sustain gains and recover to higher levels.

If the price fails to hold the support at $1.49, it could continue to decline towards the next support zone around $1.43. A breakdown below this level could increase selling pressure, leading to more significant price drops and potential for extended losses.

However, the low trading volume suggests that traders are currently awaiting a clearer market direction before engaging in new positions.

To shift the momentum, the price would need to break through the resistance at $1.67, setting the stage for a potential rally towards the next resistance at $1.98. Ultimately, the direction of price action will depend on changes in market sentiment, investor confidence, and trading volume.

Pi Network Faces Mainnet Migration Deadline And Market Uncertainty

The recent report by CoinChapter from Yerevan highlights the anticipation of a price decline in Pi Network (PI) as the cryptocurrency faces several challenges.

The Mainnet Migration deadline on March 14 has passed, and traders in the futures market are positioning for a price drop with more short positions than long, signaling a bearish outlook.

The funding rate in the futures market is also negative, which aligns with the expected price decrease. Additionally, investors who missed the KYC and migration deadline risk losing most of their balance, except for PI mined in the last six months before migration. This contributes to the potential for further selling pressure on Pi Network.

Pi Network Funding Rate Reflects Bearish Sentiment

The funding rate data from Coinglass (CRYPTO:GLASS) shows a strong preference for short positions, which aligns with the anticipation of a price decline.

From the chart, it’s clear that most traders had a short-term bearish outlook on PI, anticipating a downward move in the coming days. This is supported by the technical indicators, such as the MACD approaching a bearish crossover, which is often a sign of a slowing bullish momentum or an impending price reversal.

If the MACD completes the crossover with the EMA indicator in the lower timeframe, it could indicate a stronger selling pressure on PI in the coming days.

Traders who are monitoring Pi Network should be aware of the current market conditions, which may not favor immediate price recovery. The SMA-200 is currently acting as a key resistance for buyers, while the MACD is approaching a bearish crossover, which could bring more selling pressure on the cryptocurrency.

Price Holds Support But Struggles To Break Resistance

Creneau principal: Pi Network (PI/USDT) is currently trading at $1.49, placing it below the critical support level at $1.64. The price has been following a descending channel throughout March, limiting its potential for an upside breakout.

Despite the recent hype surrounding Pi Day, which provided some temporary relief for sellers, PI price remains under pressure as it struggles to sustain gains and recover to higher levels.

If the price fails to hold the support at $1.