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.
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.
