We predicted yesterday that Pi Coin price might lose $1.65 support if something unexpected happens on the most important day for the community.
March 14th is an important date for the Pi Network since the coin was created exactly 6 years ago and also yesterday was the last day for holders to do KYC and migrate to mainnet.
However, we had a classic ‘sell the news’ event and while the whole stock and crypto markets are recovering, Pi Coin price dipped 15%, now trading at $1.45.
Technical Indicators Show Bearish Momentum
Technicals don’t look good right now as per the investing.com platform.
The MACD (Moving Average Convergence Divergence) indicator shows a reading of -0.045. This negative value indicates that short-term momentum is weaker than long-term momentum, suggesting selling pressure is currently dominating the market.
The Ultimate Oscillator is at 50.007, which is almost exactly at the midpoint of its range. This neutral reading indicates a balance between buying and selling pressure, but doesn’t yet show signs of a reversal from the current downtrend.
The Rate of Change (ROC) is at 5.616, showing that prices have increased by 5.616% from a specific period in the past. While this positive reading indicates some upward movement, it hasn’t been enough to overcome the recent selling pressure.
RSI on the hourly chart is 35.9 while on the daily chart it’s 40. Both readings are below the neutral 50 level, suggesting bearish momentum. The readings aren’t yet in oversold territory (below 30), indicating that selling pressure could potentially continue before finding support.
There are some comments on X from different people who failed to complete the KYC process, but it’s not clear whether Pi Network’s team managed to solve these issues as there are lots of unanswered comments.
Read also: Experts Predicts XRP Price Will Hit ‘Double Digits This Cycle, Triple Digits Next’ – Here’s Why
Pi Coin Price Outlook for Today
With these technical indicators and the recent sell-off in mind, Pi Coin will likely continue facing downward pressure today. The price might test the $1.40 level as the next support zone. If this level holds, we could see consolidation between $1.40-$1.50 throughout the day.
Should market sentiment improve and buyers step in, Pi Coin could potentially recover and retest the $1.55 region, but breaking above yesterday’s highs seems unlikely in the immediate term. Traders should watch for increased volume as a potential sign of direction change, whether that’s further downside or the beginning of a recovery.
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