Where Could Pi Coin (PI) Price Be Headed This Week?

Pi Coin has declined significantly over the past day, losing approximately 9.25% to trade at $0.205. What’s rather interesting is that the rest of the cryptocurrency market isn’t reflecting such a decline. In Pi’s case, the drop appears to be mostly tied to token unlocks, which added new supply and increased selling pressure.

A significant batch of tokens entered circulation recently, including around 21 million PI unlocked on March 7. When that much new supply suddenly becomes available, it often puts pressure on the price because some holders decide to sell. The pullback also came after a strong rally in previous weeks, so the market may simply be cooling down after that earlier move.

At the same time, traders are keeping an eye on a few upcoming developments within the Pi ecosystem. The v20.2 network upgrade expected around March 12, plans for a Pi DEX, and efforts to secure MiCA compliance in Europe could all influence how the PI price behaves over the next few weeks.

What the PI Chart Is Showing Right Now

Looking at the 4-hour chart, the PI price has gone through several clear phases over the past few months. Previously, the price traded around the $0.28 mark before the steady downtrend started to pull the price down steadily.

The downtrend eventually found support at the $0.128 price level, which has become the new support area on the chart. When the price of PI traded around this area, the price started to rise as the market started to recover to the $0.20 price level.

The most recent rally topped out near $0.24, which currently acts as the latest short-term peak. After reaching that level, the market quickly pulled back and rejected higher prices, sending the PI price back toward the $0.205 area where it sits now.

The indicators help explain what’s going on with the market right now. On the other hand, the On Balance Volume has been going down for some time, reflecting the selling pressure seen earlier, which took the price down. Recently, the OBV has stabilized and slightly increased, indicating that buying demand may resume.

Currently, the price is ranging within the 40-55 zone on the RSI chart, indicating that the momentum is neutral. This might mean the price is consolidating and trying to decide what to do next. Volume levels have risen again as the price tried to rise to the $0.24 region.

The Key Levels Traders Are Watching

Right now, the next move for the PI price will likely depend on a few key levels traders are watching on the chart.

The closest support sits around $0.194. However, if the PI price manages to stay above that level, the market could take a breather and consolidate a bit before Pi Day on the 14th of March. There’s a good chance for the price to move higher.

On the other hand, if the PI price falls below the $0.194 level, the next level to watch for would be the $0.187 level. If the price falls below that level, the PI price could go down to the $0.17 to $0.16 level, indicating that the recent rally has run its course.

On the upside, the first resistance appears near $0.216. If buyers manage to push the PI price above that level, the market could start moving back toward the $0.23–$0.24 range.

Right now, the most likely scenario this week is that the PI price moves sideways between $0.194 and $0.216 as the market digests the recent token unlocks. In the event that the price manages to climb back above $0.216, Pi could be heading to the $0.23 area before Pi Day.

On the other hand, with the selling pressure continuing to build up, the price could be heading below $0.194, leading to a gradual move down to the $0.18 area where support could be seen.

Read Also: Why Is Pi Coin (PI) Price Pumping Today?

What Could Influence the PI Price Next

Technical levels will matter in the short term, but a few fundamental factors could also influence the PI price. Token unlocks remain one of the biggest pressures right now because additional supply can create selling activity. At the same time, the Pi network is working on expanding its ecosystem.

For now, the PI price sits in an interesting spot. The chart shows a market that has recovered from a deep decline, but it is also dealing with fresh supply entering circulation. 

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The post Where Could Pi Coin (PI) Price Be Headed This Week? appeared first on CaptainAltcoin.