Pi Network (PI) has slid sharply since its March 13 Kraken listing, tumbling more than 10% in the past 24 hours and roughly 38% from its peak that day as traders “sold the news.”
Technical picture turns bearish
- On the 24-hour USDT chart, PI has registered a bearish MACD crossover — the MACD line crossing below the signal line — a classic momentum shift that often precedes consolidation or further downside as sellers gain control.
- The token is also closing in on the 50-day simple moving average (SMA), which had been acting as support during the recent recovery. A break below the $0.176 level could accelerate selling and push PI toward lower floors.
- The Money Flow Index (MFI) is moving toward neutral, indicating that heavy buying and selling pressure are beginning to balance out after recent volatility.
Support and downside risk
Analysts point to a clear downside target if current support fails: the Feb. 23 low of $0.1560. With limited immediate support between current levels and that low, a decisive break below the 50-day SMA could result in a sharp pullback.
What’s behind the sell-off
The downtrend kicked off after the long-awaited Kraken listing on March 13. PI initially spiked nearly 30% on the news, and many traders appear to have taken profits thereafter — a textbook “sell the news” reaction.
Adding to bearish sentiment is a token unlock scheduled for later today that will introduce roughly 17 million PI into circulation. Unlocks increase available supply and can weigh on price if the market cannot absorb the new tokens quickly, prompting holders to reduce exposure.
Bottom line
PI’s near-term outlook looks vulnerable: bearish technical signals, weakening support, and fresh supply from an unlock event all raise the risk of further declines toward $0.1560 if key levels fail to hold.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
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