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Pi Network (PI) is currently trading around $0.20, attempting to stabilize after a sharp 35.74% correction that began on March 13, when price reached a local high near $0.2700.
However, momentum indicators suggest the recovery may lack strength. Despite a modest 4.43% daily increase, the overall technical structure still leans toward continued selling pressure.
Pi Coin Faces Bearish Pressure
The Squeeze Momentum Indicator (SQZMOM) currently reads -0.0241, marking its lowest level during the entire period from September 2025 to March 2026. The histogram has turned dark red and continues expanding downward, signaling that bearish momentum is strengthening.
Notably, the black dots above the zero line on the squeeze band confirm a “squeeze release” to the downside. For a bullish reversal to occur, the histogram would need to narrow and turn green — a signal that has not yet appeared. As long as SQZMOM remains below the zero level, any short-term bounce risks being absorbed by dominant selling pressure.
Buying Pressure Shows Clear Weakness
In contrast to the bearish signal from SQZMOM, the Money Flow Index (MFI) provides a more neutral perspective. MFI previously surged above 84 on March 11–12, entering overbought territory just before the market reversed lower.
Currently, MFI stands at 42.34, sitting in the neutral zone between 20 (oversold) and 80 (overbought). The sharp drop from 84 to 42.34 within approximately 10 days reflects a significant withdrawal of buying capital, aligning with the more than 35% price decline.
At this stage, MFI has not confirmed a reliable buy signal. If the indicator continues weakening toward the 20 level, the market could enter a true oversold condition, potentially attracting new demand. However, the speed of the decline suggests capital outflows are still ongoing.
PI Price Faces Key Technical Challenges
On the daily timeframe, PI is trading near $0.1992, following a 35.74% drop (-$0.0971) from the March 13 peak. Fibonacci retracement levels are measured from the February low near $0.1600 to the recent high around $0.2700.
Price is currently hovering just above the important 0.786 Fibonacci support at $0.1907. If this level breaks and closes below, the next support zone is located at 0.618 ($0.1779).
In a more bearish scenario, the 0.382 level near $0.1600 — aligning with the previous swing low — could become the deepest downside target within the current structure.
On the upside, reclaiming and holding above the 1.0 Fibonacci level at $0.2070 would be the first signal that the correction phase may be ending. Further resistance levels at $0.2250 (1.236) and $0.2668 (1.786) represent key milestones bulls must overcome to invalidate the bearish outlook.
Notably, the listing of PI on Kraken on March 13, 2026 coincided with the local price top, while the Protocol 20 upgrade delivered only limited positive impact amid ongoing macro pressure across the broader crypto market.
If selling pressure from newly unlocked tokens continues to increase, the $0.1907 support level may eventually be broken. Conversely, a strong breakout accompanied by a daily close above $0.2070, combined with improving MFI conditions, would be the most reliable confirmation that PI’s recovery momentum is strengthening.
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions. We are not responsible for any financial decisions made based on this content.
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