One hundred million Pi Network (PI) tokens, valued at approximately $60 million, is about to be unlocked through the remainder of April. 

This may intensify the already bearish momentum that has plagued the token in recent weeks, raising concerns of a further slide toward its all-time low.

PI Struggles Under Bearish Sentiment 

According to PiScan, 9.5 million tokens worth $5.76 million at current market prices are due to be released into circulation today.  This is part of a broader schedule that will see over 1.56 billion PI tokens released over the next 12 months. 

With recent broader market headwinds, this month’s tranche of tokens to be unlocked could trigger heightened selling activity, especially given the current lack of strong demand for the altcoin. 

Meanwhile, technical indicators suggest weakening support. For example, PI’s Balance of Power (BoP) is declining at press time, and it is currently below zero at 0.75. 

This indicator measures an asset’s buying and selling pressures. When it falls like this, it indicates that sellers are currently in control, exerting more influence over price action than buyers. This confirms the bearish trend in the PI spot markets and signals continued downward pressure on its price. 

Moreover, PI’s Chaikin Money Flow (CMF) remains firmly below the center line, and has been so positioned since its price decline began on February 26. This momentum indicator currently stands at -0.17.

PI’s negative CMF indicates more selling pressure than buying pressure, meaning money flows out of the asset. This also confirms the bearish sentiment and points to potential further price declines.

PI Could Fall to All-Time Low

PI currently trades below its 20-day Exponential Moving Average, which forms dynamic resistance above its price at $0.70.

The 20-day EMA measures PI’s average price over the past 20 trading days, giving more weight to recent prices. With PI currently trading below this key moving average, it indicates bearish short-term momentum.

It suggests that sellers dominate, and the asset could face continued downward pressure. If the decline persists, PI could revisit its all-time low of $0.40.

Conversely, a resurgence in demand for the altcoin could invalidate this bearish thesis. PI could break above its 20-day EMA and rally toward $0.95 in this scenario.