Pi Network Coin price retested the $0.50 mark on Wednesday after breaking a six-day losing streak to gain 4.6% at the time of writing. However, based on the project’s broader fundamentals, the uptick seems like more of a technical rebound than a real shift in its overall trend. Traders who have been keen on the coin’s momentum are likely back to buy it in the hope that its oversold conditions could soon shift to the upside. Despite today’s gains, the RSI is at 38 on the daily time frame as of this writing. In addition, the MACD is still below the signal line.
The overall sentiment around Pi coin is cautious, primarily due to the massive token unlock events that the project has been implementing. The coin has been trading below the $0.55-$0.60 resistance range for the better part of the last week, and today’s uptick will need to breach that barrier to build a stronger upside traction. Pi Network coin price’s struggles are likely to hand on for a while in the absence of a strong catalyst.
To reverse its prolonged trend, it will need to speed up stronger ecosystem development, undergo major exchange listings or come up with significant real-world adoption. Furthermore, the project’s development team will need to be more transparent to win back some of the confidence lost after the mainnet migration.
Pi Coin Price Forecast
Pi coin price pivots at $0.494 and action above that level favours the buyers to be in control. That will likely see initial resistance established at $0.508. However, an extended control by the buyers could clear that barrier and test $0.517.
On the other hand, going below $0.494 will signal control by the sellers. That will likely see the first support established at $0.487. Breaking below that level will invalidate the upside narrative. In addition, such momentum could send the price lower and test $0.477 in extension.
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