YEREVAN (CoinChapter.com) — Pi Network (PI) is under pressure as traders anticipate a price decline. The Mainnet Migration deadline ended on March 14, adding uncertainty for investors who have not completed the process. Traders in the futures market are preparing for a price drop, with more short positions than long, signaling a bearish outlook.
The funding rate in the futures market is negative, indicating that most traders expect the price to fall. Investors who missed the KYC and migration deadline risk losing most of their balance, except for PI mined within the last six months before migration. This has raised concerns about further selling pressure on Pi Network.
Pi Network Funding Rate Reflects Bearish Sentiment
The funding rate from Coinglass shows that short positions dominate, reinforcing expectations of a price decline. The overall market sentiment remains negative, with technical indicators pointing to further downside risks.
The Moving Average Convergence Divergence (MACD) is approaching a bearish crossover, which is often linked to downward momentum. If this trend continues, PI price could face more selling pressure in the coming days. Traders monitoring Pi Network are cautious, as the current market conditions suggest limited opportunities for an immediate price recovery.
Price Holds Support But Struggles to Break Resistance
Pi Network (PI/USDT) is trading at $1.49, falling below the $1.64 support level. The price continues to follow a descending channel, with limited upside movement. The Pi Day hype provided some temporary relief, but PI price remains under pressure, struggling to regain higher levels.
If Pi Network fails to hold $1.49, the next support level could be around $1.43. A further drop may increase selling pressure, leading to extended losses. The low trading volume suggests that traders are waiting for a clearer market direction before entering new positions.
To shift momentum, PI price would need to break through the $1.67 resistance before targeting the $1.98 level. However, price action remains dependent on market sentiment, investor confidence, and trading volume.
Pi Network Faces Market Uncertainty
The end of the Mainnet Migration deadline and the negative funding rate reflect the cautious outlook surrounding Pi Network. The bearish technical indicators, including the MACD crossover, suggest that traders expect further downside.
Pi Network’s ability to hold key support levels will determine its short-term price action. Traders are watching for any shifts in market sentiment or increased demand that could impact PI price in the coming days.
