Pi Network Traders Turn Bearish Ahead of Pi Day—Here’s What’s Happening

The much-anticipated Pi Day is just around the corner, but traders aren’t celebrating. Instead, Pi Network’s price has plunged nearly 10%, reversing a strong rally and sparking concerns over further downside. With the looming March 14 deadline for KYC and Mainnet migration, users are scrambling to secure their balances amid growing uncertainty.

Traders Brace for Losses as Pi Network Faces Rejections

Pi Network’s recent rally, which saw its price jump 20%, has lost steam. The coin has now dropped to $1.54, down 9.84% in just a few hours, with market capitalization slipping below $11 billion.

The $1.70 resistance level has been a major hurdle, as Pi Network has faced rejection here for the third time in three days. With this persistent struggle, traders are shifting their focus away from potential breakouts and preparing for a steeper decline.

Bearish Signals Take Hold as Funding Rates Drop

Market sentiment is shifting rapidly, with Pi Network futures funding rates turning deeply negative. More traders are opening short positions than long ones, indicating a growing expectation of further declines.

• Pi Network’s MACD indicator is showing a bearish crossover, a sign that selling pressure could increase.
• If this downward momentum holds, Pi Coin could test the lower support level of $1.43.
• Conversely, should Pi Network capitalize on Pi Day hype, it may break above $1.98.

KYC and Migration Deadline Sparks Panic

A major source of concern is the fast-approaching March 14 deadline for Know Your Customer (KYC) verification and Mainnet migration. Failure to complete these steps could result in users losing access to their Pi balances.

Pi Network’s core team recently reiterated this requirement, adding pressure on users who haven’t yet verified their accounts. Many investors fear that non-compliance could lead to irreversible forfeitures.

User Complaints Over Forfeited Pi Coins

As the deadline nears, users have taken to social media to express frustration over their Pi balances being locked or forfeited.

One user, Dolapo, claimed that their transferable balance was suddenly reclassified as unverified, effectively rendering it inaccessible. Many other Pi Network pioneers have reported similar issues, sparking criticism over the platform’s handling of its migration process.

With the Pi Network price now moving within a descending channel, all eyes are on the next key support level. If the current trend continues, Pi Coin could dip to $1.43 before finding stability. However, a surge in social media-driven interest ahead of Pi Day might provide the fuel needed to break past $1.98.