Pi Coin (PI) with 4M+ Votes Remains the Most Bullish-Voted Crypto on CoinMarketCap.

Pi, with over 4 million votes, has been crowned as the most bullish crypto in the top 100 on CoinMarketCap. However, opinions remain sharply divided on Pi's actual potential.

Pi Coin is still the most bullish-voted crypto on CoinMarketCap, with more than 4 million votes.

The digital currency, which is used by the Pi Network, has been the subject of much discussion and speculation. Some market participants see Pi as a short-term asset that is currently in a good position for generating profits. It is being actively traded and shows signs of strong volatility, presenting opportunities for skilled traders.

However, others prefer to take a broader view and see Pi as a long-term project that is still under development. Its true utility and adoption are yet to fully come into effect, and it is too early to make any definitive conclusions about its potential.

Technical Signals Suggest Continued Downward Pressure

In a recent X post, Pi Barter Mall highlighted that Pi Coin is showing multiple bearish patterns that are now hard to ignore.

The most evident one is the formation of a “death cross”, which is distinguished by a crossover between SMAs and the MACD indicator trending downward. This bearish alignment is further assisted by the positioning of the MA5, MA10, and MA30, which collectively indicate short-selling dominance.

The MACD histogram continues to show expanding red bars following the death cross, which highlights that the downtrend has not exhausted yet. Moreover, the KDJ indicator also presents a bearish signal. The analyst further mentions that, as of now, there is no technical signal indicating signs of stabilization, and the possibility of a V-shaped reversal before June 28 is weak.

Pi Network (PI) Price Analysis: Short-Term Outlook

At the time of press, Pi Coin price is at $0.7457, with a daily loss of about 4.69%. Despite this short-term drop, the 7-day gain stays at 1.82%.

While the price went south, the 24-hour trading volume has surged by 39.13%, reaching $125.3 million. The market cap has also risen to $5.38 billion, an increase of 4.84%.

Pi coin’s price action on the 4-hour chart shows consolidation below the 9-period SMA, which is currently at $0.7660 and acting as immediate resistance. The RSI stands at 39.03, indicating weakening bullish momentum.

In the short term, the key resistance lies at $0.833, a break above which could lead to renewed bullish sentiment. On the downside, critical support is at $0.6888; a break below this level could trigger a steeper decline, potentially erasing recent gains.