TLDR
- Pi Network (PI) is facing resistance at $2 with price volatility amid high liquidations
- PI price dropped 12% to around $1.39, with $977.58 million in trading volume
- Massive token unlocks are scheduled for March 17 and 21, with 282 million tokens ($390.93 million) becoming available in the next 30 days
- Analyst Rose Premium Signals predicts PI could reach $3.60 if it holds crucial $1.05 support
- Real estate firm Zito Realty LLC has started accepting PI as a payment option for homes
Pi Network (PI) has been making waves in the crypto market as one of the top trending cryptocurrencies on Coingecko. The digital asset has seen major price swings in recent days, creating both opportunities and challenges for traders.
At press time, PI is trading at around $1.39, marking a 12% drop in the last 24 hours. Despite this decline, trading volume has surged 104% to $977.58 million, showing high market interest.
The cryptocurrency has been testing the $1.9948 key resistance level on hourly charts. This price point has proven to be a tough barrier for bulls to break through.
Technical analysis shows PI consolidating sideways, which points to market uncertainty. The Relative Strength Index (RSI) sits at 61, placing it in the upper neutral zone.
Trading volume has decreased by 40% over the past day. This drop suggests that traders have been selling, reducing the momentum needed to push past the important $2 mark.
Analyst Zenith Zoro believes a breakthrough above current resistance could drive PI to $2.0364 in the near term. However, if buyers fail to gather strength, the price might fall toward $1.5682 as selling pressure builds.
Market data reveals large liquidations over the past two weeks. These forced exits have impacted market sentiment and contributed to price instability.
Open Interest has fallen 2.45% in the last day according to Coinglass data. The long-short ratio stands at 0.83, indicating more bearish positions than bullish ones in the market.
A major concern for investors is the upcoming token unlock schedule. PiScan data shows significant unlocks planned for March 17 and March 21, with over 23 million PI scheduled to become available on each day.
In total, about 282 million tokens worth approximately $390.93 million at current prices will hit the market in the next 30 days. This supply increase could put downward pressure on prices.
Analysts remain optimistic
Despite these challenges, some analysts remain optimistic. Market expert Rose Premium Signals has identified $1.05 as a crucial support level for PI.
➡️ #PiNetwork ( $PI) Analysis#Pi Network is showing signs of consolidation near a key Fibonacci retracement level📊
➡️ Key Observations:
The price is currently hovering around the 1.05 support zone, a critical area for potential bullish reversal 📈
Fibonacci levels indicate… pic.twitter.com/ERnd5sKQU4
— Rose Premium Signals 🌹 (@VipRoseTr) March 6, 2025
According to Rose, if PI holds this support, it could target resistance zones between $2.40 and $2.60. Breaking above these levels might open the path to $3.00 and eventually $3.60.
The Pi Network is gaining real-world adoption. James at Zito Realty LLC announced plans to accept PI as payment for homes, which could drive more practical use of the cryptocurrency.
Market speculation about a possible Binance listing continues to circulate. Such an event would likely increase exposure and potentially bring new buyers to the market.
With Pi Day (March 14) approaching, community members are watching for potential project updates. Positive news could help offset concerns about the upcoming token unlocks.
For traders looking to navigate this market, key price levels to watch include the $1.9948 resistance and the $1.05 support. Breaking above or below these points could signal the next major price move.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
