Pi Coin is trading at around $0.75, showing potential for a 20% price rally based on a symmetrical triangle pattern
Open interest has reached $21 million, with a recent surge of nearly $3 million in under 12 hours
A major token unlock of 15 million PI is scheduled for May 28, the largest of the month
Trading volume has increased to over $145 million (up 16.2%) despite price stagnation
Pi Network recently launched a $100 million Ventures fund to support startups in AI, gaming, fintech, and e-commerce
Pi Coin price currently sits at around $0.75, showing minimal movement over the past day with just a 0.2% increase. The cryptocurrency has been trading in a narrow range between $0.7406 and $0.8586 over the last week.
Technical analysis reveals that Pi Coin is forming a symmetrical triangle pattern on the four-hour chart, suggesting traders are currently indecisive as both buy-side and sell-side volumes decrease.
The cryptocurrency’s 24-hour trading volume stands at approximately $145 million, showing a 16.2% increase from the previous day. This uptick in volume indicates renewed interest among traders despite the sideways price action.
Pi Coin is currently 74% below its all-time high of $2.99 reached in February, giving perspective on its current market position.
On the technical front, Pi is trading at a pivotal point with the 200-day Simple Moving Average (SMA) serving as resistance. Bulls are working to overcome this level, which has historically preceded price rallies when defended as support.
If Pi Coin breaks above the upper resistance line of the symmetrical triangle, analysts suggest it could trigger a rally of nearly 20%, potentially pushing the price toward $0.92.
Token Unlocks and Supply Pressure
The market is bracing for a series of token unlocks that could introduce new selling pressure on Pi Coin.
May 28 will see the release of 15 million tokens, making it the largest single-day unlock of the month. This follows releases of 10 million and 12 million tokens on May 26 and May 27, respectively.
Looking further ahead, the unlock schedule remains heavy with 263 million tokens set for release in June, followed by 233 million in July, and 132 million in August.
On-chain data shows an increasing number of holders moving their tokens to centralized exchanges, suggesting potential preparation for selling.
This growing supply overhang creates a challenging environment for price growth, as each unlock potentially increases selling pressure in the market.
The recent addition of Pi Coin to US-based crypto exchange Kraken has helped generate new interest in the token, including the launch of PI futures trading.
Market Indicators and Sentiment
Pi Network’s open interest has surged to $21 million after increasing by more than $2.9 million in just six hours, highlighting growing speculative interest.
Funding rates have reversed from negative to positive territory, indicating a return of long interest as investors anticipate an upward price movement.
From a technical perspective, Pi is trading within a narrow Bollinger Band range, with the lower band at $0.53 and the upper band at $1.15. This compressed range often precedes a significant price movement.
The Relative Strength Index (RSI) sits at 48.36, showing neutral momentum, while the stochastic RSI at 18.16 suggests short-term oversold conditions.
Most short and medium-term moving averages remain above the current price, continuing to act as resistance levels that bulls need to overcome.
If buyers can push the price above $0.85 with strong volume, it could open the path toward the $1.00 level and potentially the upper Bollinger Band at $1.15.
Conversely, failure to hold the current support range of $0.74-$0.75 could see Pi Coin retesting the $0.70 psychological level or even declining to $0.65.
Development Initiatives
Pi Network is working to build long-term value through strategic initiatives despite the current price challenges.
The recently launched $100 million Pi Network Ventures fund aims to support startups in AI, gaming, fintech, and e-commerce sectors. This initiative could create real-world use cases for the token.
Successful development and adoption of decentralized applications on the Pi Network could eventually help revive buying interest and provide fundamental support for the price.
The immediate focus remains on how the market will absorb the upcoming token unlocks, starting with today’s 15 million token release.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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