Pi Network Price Drops Nearly 2% on Monday
Pi Network (PI) price fell by almost 2% on Monday. This decline comes as social interest in the crypto market weakens. The overall market shows less activity from retail investors.
136 Million PI Tokens to Unlock in October
Data from PiScan shows that 136 million PI tokens will unlock in October. This is just over 1% of the total circulating supply. The token unlock may increase selling pressure on PI. Market sentiment remains cautious.
Joao Wedson, CEO of Alphractal, noted a drop in Google search volume for crypto terms. This suggests many retail investors are staying on the sidelines.
Technical Outlook Shows Possible Downtrend
Pi Network price reversed near the Pivot Point at $0.2696 on Monday. It may enter a downtrend within a declining wedge pattern on the 4-hour chart. The price could test the low of $0.2565 from last Thursday.
If the price falls below $0.2565, it might drop further to around $0.20. However, some technical indicators show selling pressure is easing. The Relative Strength Index (RSI) is at 42, above the oversold level. The MACD line is also moving upward toward the zero line, signaling less bearish momentum.
Key resistance levels are the 50-period Exponential Moving Average (EMA) at $0.2845 and the $0.30 mark.
