.PI’s Plight: Can It Break Free From the Cryptic Doldrums?

by

The Pi Network’s token, much like a gentleman stranded at a dull tea party, has continued to underperform, meandering aimlessly despite the crypto market’s spirited dance into bullish territory. 🕊️

While the market partook in a grand rally last week, with various assets achieving new heights and others scaling multi-month peaks, poor old PI remained stubbornly in its range, as if it had been glued to the floor by a mischievous butler. With interest in this particular altcoin plummeting faster than a soufflé in a thunderstorm, it shows little sign of breaking free from its confining, albeit narrow, range.

Investor Enthusiasm Wanes as PI Lingers in Limbo and On-Chain Activity Takes a Nose Dive 🚀

Currently ensnared in a sideways trend, PI finds itself facing the formidable resistance of $0.46 and the equally steadfast support at $0.43. Unlike its more fortunate peers, who are basking in the glow of renewed investor affection, PI continues to suffer from a pronounced lack of trading interest, as indicated by a significant decline in its on-chain trading volume. According to the ever-reliable Santiment, this volume has taken a nosedive of 21% over the past seven days, a clear indication of waning demand and an atmosphere thick with caution among investors. 🤔

A reduction in trading volume, akin to a party where everyone is whispering, suggests that fewer investors are engaging in the buying or selling of the asset. It points to a decline in interest, reduced liquidity, or a general state of indecision in the market. As with PI, when such a scenario unfolds during a period of sideways price movement, it indicates a distinct lack of strong conviction. Neither buyers nor sellers are asserting dominance, leading to a rather sleepy market environment. 😴

Adding to the merriment, or lack thereof, data from PiScan reveals that the Pi Network is set to release a staggering 95 million PI tokens over the next eight days, a move that could further dampen the token’s spirits and exacerbate the bearish pressure. 🌩️

With traders already treading water amid persistent price stagnation and declining volume, the impending token unlock could either cement PI’s price stagnation or, worse still, trigger a breakdown below the critical support level at $0.43. This is because a flood of new tokens can increase selling pressure, especially in bearish conditions where demand is too feeble to absorb the additional supply. 🌊

PI’s Bearish Streak Lengthens — All Eyes on the $0.43 Support Level 🎯

An examination of PI’s Elder-Ray Index on the daily chart paints a rather gloomy picture, confirming the bearish lean in market sentiment. The indicator, which measures the strength of bulls and bears, has been posting negative values since July 12, a clear sign of a robust bearish presence. 🐻

If the current trend continues, a breach below the $0.43 support level seems increasingly probable, potentially paving the way for a retest of PI’s all-time low at $0.40. However, should a fresh wave of buying interest sweep through the market, PI token price might just muster the courage to overcome the $0.46 resistance and perhaps even rally toward the $0.50 mark. 🚀

For token TA and market updates: Keen to stay in the loop with more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. 📧

Read More

2025-07-21 16:13