Key Notes
- The looming deadline for KYC and Mainnet migration for Pi Network users has raised concerns, with potential forfeiture of balances.
- Bearish technical indicators like the MACD suggest further downside risks for Pi Coin.
- While the price trend appears bearish, leveraging social media buzz around Pi Day could push Pi Coin past the $1.98 resistance level
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The Pi Network price has come crashing down 10% in the last few hours, reversing a 20% rally that saw Pi Coin briefly cross $1.70 on March 12.
Trader sentiment has turned bearish ahead of the much-awaited Pi Day, with the price currently trading 9.84% down at $1.54, and its market cap dropping under $11 billion.
Today, the Pi Coin has faced rejections at $1.70 levels for the third time in the last three days, and current market conditions show that this rally could face significant challenges. As a result, traders are now preparing for a sharp fall instead of a breakout to the north.
Pi Network Traders Show Bearish Signals
Pi Network traders are positioning themselves for a downfall as the Pi futures funding rates have turned extremely negative. As per the current funding rate data, more market participants are holding Pi short contracts instead of long ones.
Adding to these concerns is the ongoing deadline for investors to complete their KYC and Mainnet migration processes. Failure to meet the March 14 deadline could result in the loss of the majority of an investor’s balance.
Final Reminder: The Grace Period requires both KYC and Mainnet migration to be completed by 8:00am UTC on March 14, 2025, to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated. Learn more… pic.twitter.com/uqj5NujMtk
— Pi Network (@PiCoreTeam) March 14, 2025
The macro momentum for Pi Network is showing bearish signals, with key technical indicators like the Moving Average Convergence Divergence (MACD) nearing a bearish crossover. This development is often considered a reversal signal, indicating that Pi Network could face additional price declines if the trend persists.
Users Complaining of Forfeiting Pi Coins?
Some users have been complaining over the forfeited Pi Coins with Pioneers losing a large number of tokens in this process.
🚨 BREAKING: Forfeited section is being rolled out. Pioneers are losing massive amounts of Pi. Here is an example of a Pioneers losing 10k Pi.
This is shocking 🤯🤯#pinetwork #pi $pi #picoin #minepi pic.twitter.com/fr3tmY8Zv7
— pinetworkmembers π (@pinetworkmember) March 14, 2025
One user, Dolapo, claimed that the Pi core team reversed all transferable balances to unverified balances without prior communication, stating that many others were experiencing the same issue.
JUST IN : The @PiCoreTeam reversed all transferable balance to Unverified balance without any communication from the team
If this happened to you, just know you’re not alone, it’s general.
Let’s wait and see what happens next.. $Pi pic.twitter.com/83m3TXRLPR
— _Dolapo (🎮🎯💰) (@Investor_Dolapo) March 13, 2025
After facing the rejection at the top of the descending channel on the technical chart, the Pi Network price is once again heading lower. If the Pi Coin hits the lower end of the channel, it could once touch a low of $1.43 from here.
Conversely, if Pi Network leverages the social media buzz around Pi Day, it has the potential to surpass the $1.98 resistance level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
