Pi Network price fell near its historic bottom after sellers forced a collapse from a descending wedge pattern amid growing supply pressure.
Summary
Pi Network fell to a four-month low near $0.136 after breaking below a multi-week descending wedge pattern and key support levels. More than 163 million PI tokens will enter circulation over the next month, with the largest one-day unlock of nearly 16 million PI taking place on June 11. PI is trading just above its all-time low zone near $0.13, with a break below support possibly opening the door to fresh record lows.
According to data from crypto.news, Pi Network’s (PI) price was trading near $0.138 on June 3, down about 22% over the past month after briefly touching $0.136 earlier in the day. The drop in the toll erased most of the gains generated by the March rally that followed Kraken’s listing announcement and left traders questioning whether the token could avoid a new all-time low.
A major source of pressure continues to stem from the network’s token release schedule. Data from PiScan shows that approximately 163.6 million PI tokens are scheduled to enter circulation over the next 30 days, with daily unlocks averaging 5.45 million PI. Several major release events are also approaching, with the largest scheduled unlock expected to release nearly 16 million PI on June 11.
The steady increase in liquid supply has created a difficult environment for buyers as early holders continue to profit.
Outside the Pi ecosystem, risk appetite across digital assets has weakened sharply. Bitcoin (BTC) recently dropped to the $65,000 region while Ethereum (ETH) briefly touched $1,800 as traders reacted to heavy liquidations, persistent spot ETF outflows and renewed uncertainty surrounding Mt. Gox Linked Bitcoin Transfers.
More than $750 million in crypto positions were liquidated during the recent selloff, removing a large amount of speculative leverage from the market and reducing demand for higher-risk altcoins.
Network developments provided limited support. Pi Network recently highlighted new gaming initiatives by CiDi Games, one of its ecosystem partners, while also promoting additional utility opportunities for Pioneers.
A previous update from CiDi Games described the initiative’s role within the ecosystem:
“CiDi Games gives Pioneers new ways to use Pi through gaming, while also expanding the Pi ecosystem with infrastructure that can support more games and developers over time.”
At the protocol level, the Core Team confirmed the deployment of Protocol v23 and previously targeted June 2nd for the completion of Protocol v24, although no official confirmation of the latest deployment has been published at this time.
Falling wedge collapse exposes Pi Network to deeper losses
On the daily chart, Pi Network has broken below the lower boundary of a multi-week descending wedge pattern that has been developing since April. The collapse occurred after buyers repeatedly failed to regain resistance around the $0.18-$0.20 region, allowing sellers to regain control of the trend.
The chart also shows PI trading below its key short- and medium-term moving average zones, a sign that momentum remains firmly tilted to the downside. Several key support levels have already failed during the recent decline, including $0.18, $0.16, and most recently the psychological $0.14 area.
Fibonacci retracement levels drawn from the February low to the March high place the 78.6% retracement near $0.166, a level that has already been lost. PI price is now moving just above the 100% retracement level around $0.1299, which coincides with the current low zone.
The MACD histogram remains below the zero line, while the MACD line continues to trade below its signal line. Although selling pressure has slowed compared to the sharp declines recorded in May, the indicator has yet to produce a confirmed bullish reversal.
The all-time low remains the main downside risk
For now, the most immediate bearish trigger for Pi Network price is a decisive break below the $0.129-$0.131 support band. Such a move would put the PI token at a disadvantage in price discovery and open the door to a new record low.
Token unlocks also remain a significant risk factor during June. Any increase in exchange inflows of newly unlocked tokens could intensify selling pressure, especially if Bitcoin and Ethereum remain under pressure from macroeconomic uncertainty and ETF-related outflows.
As a result, bulls will need to reclaim the former breakout area near $0.16 to stabilize sentiment.
A move back above that level could allow PI to challenge resistance near $0.194, which corresponds to the 61.8% Fibonacci retracement level. Until then, the chart structure favors sellers, with the all-time low remaining the market’s most important level to watch.
Disclosure: This article does not represent investment advice. The content and materials on this page are for educational purposes only.
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