Analysis: Pi Network token (PI) price is under pressure, short-term trend is weak

ChainCatcher news, according to TokeNews, data shows that the price of Pi Network (PI) has dropped by 0.73% in the last 24 hours, currently reported at $0.43-$0.44.

In the past 24 hours, over 2 million PI tokens have flowed into exchanges, increasing the market supply by 0.25%. Technical indicators show that although the MACD has shown a bullish crossover, the RSI remains in the oversold range at 35.85, indicating significant short-term downward pressure.

This month, Pi Network plans to unlock 233 million tokens. If market demand does not increase correspondingly, it may further exacerbate selling pressure. The project team stated that they will accelerate the development of the mainnet and ecological applications to boost market confidence.