PI coin has crashed almost 16% in the past week, unable to reclaim the 20-day EMA.

PI faces resistance at $0.8230, $0.9494, and $1.5310 price levels.

Pi recently debuted the mainnet and the migration is unfolding in three phases.

Pi Network (PI), a project often sparking debate with its mobile-mining approach, finds itself navigating sharp volatility following the release of its anticipated Mainnet Migration Roadmap. While the update triggered an initial 4% price bump, the PI token quickly surrendered those gains.

As of Monday, PI is trading at $0.6386, down nearly 16% over the past week. This decline places it under pressure, with the 20-day EMA acting as resistance at $0.6909.

Recent price action shows PI flattening out, hovering near the $0.6366 mark, according to TradingView charts. This sideways movement coincides with noticeable drops in both trading volume and accumulation metrics – the Accumulation/Distribution line recently fell to -466.7M.

This points to waning short-term enthusiasm and possible redistribution, indicating a consolidation phase post-hype.

  Source: TradingView

Looking at price ceilings, Fibonacci levels drawn from the peak near $1.0990 to the recent low of $0.4000 show key resistances at:

0.618 Fib: $0.8230

0.786 Fib: $0.9494

1.618 Fib extension: $1.5310

A successful reclaim of these levels, particularly a close above $0.95, could catalyze a rally toward the $1.53 to $2.23 region. But this depends heavily on fundamentals.

Pi’s Unique Path to Mainnet: Building Trust?

Pi Network’s Mainnet migration is unfolding in three phases: First Migrations, Second Migrations, and Periodic Migrations.

Unlike typical crypto airdrops, Pi uses a robust, audited migration system; this process has already transitioned 12 million users – a major technical feat.

Tying tokens to verified mining and transparent in-app KYC embeds trust into its architecturand safeguards against rug pulls. The rollout also includes zero-cost KYC, giving everyday users a stake without financial hurdles.

Despite the recent price slump, sentiment within the Pi