Pi Network’s token, PI, has seen a modest 3% price increase in the past 24 hours, with a 24-hour trading volume of $56.53 million—a significant drop of 29.57%, according to market data. Despite this green candle, investor confidence remains shaky as the token struggles to build meaningful momentum.
According to reliable sources, Its funding rate has remained negative since mid-March, pointing to growing short interest in the market. A persistently negative OI-weighted funding rate suggests potential for a short squeeze if sentiment shifts abruptly. However, for now, bears continue to dominate the sentiment.
On-chain indicators aren’t giving much optimism either. MACD on the daily chart is neutral, and both the 12-day and 26-day EMAs are moving flat—signaling a cooling market. Bollinger Bands, using a 20-day SMA, show tightening—an indicator of reduced volatility and price consolidation within a bearish trend zone.
Currently, it trades near a key resistance level of $0.6975. If bullish momentum picks up, we might see the price test $0.8525 and possibly approach the psychological $1 mark. However, on the downside, the token has crucial support zones at $0.60 and $0.54. A breakdown below these levels could push it toward new multi-month lows.
While on-chain data signals caution, many investors are watching for a potential reversal or short squeeze. Until then, the sentiment around PI remains neutral to bearish.
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