PI Coin Price Analysis: Over 4 Million Ballots Can't Prevent the Death Cross?

Pi, with over 4 million votes, has been recognized as the strongest bullish cryptocurrency in the top 100 on CoinMarketCap. However, opinions remain deeply divided about the true potential of Pi. While some market participants view it as a ripe short term profit asset for trading opportunities, others see it as a long term project still in development, with utility and adoption not yet fully realized. In this article, we will take you through the perspective of an analyst and provide a short term price analysis of Pi coin. Are technical signals still pessimistic? In a post on X, Pi Barter Mall emphasizes that Pi Coin is showing many bearish patterns that are now hard to ignore. The clearest pattern is the formation of a "death cross," distinguished by the intersection of the SMA and the declining MACD indicator. The post highlights that this bearish alignment is further supported by the positions of MA5, MA10, and MA30, all indicating a dominance of short selling. The MACD histogram chart continues to show expanding red bars after the death cross, indicating that the bearish trend has not yet ended. Furthermore, the KDJ indicator is also signaling a bearish trend. This analyst also adds that, so far, there are no technical signals indicating signs of stabilization and the possibility of a V-shaped reversal before June 28 is weak. Analysis of Pi Coin price: At the time of press coverage, the Pi Coin price was at ~$0.7457, with a daily loss of about 4.69%. Despite this short-term decline, the 7-day gain remains at 1.82%. While the price fell, the 24-hour trading volume soared by 39.13%, reaching $125.3 million. The market capitalization has also risen to $5.38 billion, up 4.84%.

The price action of Pi on the 4-hour chart shows consolidation below the 9-period SMA, which is currently at $0.7660 and serves as immediate resistance. The RSI is at 39.03, indicating that the bullish momentum is weakening. In the short term, the main resistance is located at $0.833, a break of which could lead to a new bullish sentiment. On the negative side, the key support level is $0.6888; A break below this level could cause a steeper decline, potentially erasing recent gains.