Pi Network’s Technicals Collapse Completely! CMF, MACD, and RSI All Signal to Sell

After surging to an all-time high of $2.98 in February 2025, Pi Network’s native token, PI, has experienced a dramatic plunge and has now suffered a staggering 92% retracement, trapped in an ongoing downtrend. Technical indicators are bearish across the board, with the Chaikin Money Flow Indicator (CMF) at just 0.01, the MACD crossing above the 26-day EMA above the 12-day EMA, and the RSI falling to 40.55 towards the oversold region.

Full Analysis of the Crash from $2.98 to $0.24

Pi Network’s stock price, once driven by speculation and hype, struggles to attract meaningful buying activity. Each minor rally was immediately met with selling pressure, confirming the market’s continued weakness. The underlying reason behind this plunge is the fragility of project fundamentals and the disillusionment of market expectations.

Since its launch in 2019, Pi Network has promised to allow users to “mine” PI tokens through mobile phones, but the mainnet has not been fully opened, and the tokens have not been freely traded for a long time. The price surge in February 2025 was primarily driven by optimistic expectations for the full opening of the mainnet, but subsequent developments did not meet market expectations. The token unlock rate far exceeded demand growth, leading to an oversupply, coupled with a lack of support from real-world use scenarios, causing prices to collapse rapidly.

From $2.98 to the current price of around $0.24, this 92% drop is also rare in the history of the crypto market. Even during the crypto winter of 2022, most mainstream coins fell between 70% and 85%. Pi Network’s excess plunge shows that this is not only a result of the overall weakness of the market but also a reflection of the project’s own structural problems. Continued selling by early investors and “mining” users after token unlocking has created a downward spiral that is difficult to reverse.

Currently, PI is trading in a narrow range between the $0.24 resistance level and the $0.21 support level, and this low-volatility sideways movement is often a precursor to a trend continuation. Without a significant catalyst, the price may continue to fall after consolidation.

Fivefold Evidence of a Total Collapse in Technical Indicators

! Pi Network Four-Hour Chart

(Source: Trading View)

The 4-hour chart clearly shows the fragility of Pi Network’s stock price structure. The Chaikin Money Flow Index (CMF) is only 0.01, barely above the zero axis. This slight increase suggests that bullish momentum is weakening rather than strengthening. Buyers failed to bring in actual inflows, while sellers continued to maintain structural control. In short, the accumulation of funds is almost non-existent.

The MACD indicator reinforces the bearish view. The 26-day EMA has crossed above the 12-day EMA, indicating weakening bulls. Both moving averages flattened, and the histogram also hovered near zero, reflecting stagnant momentum. The price of PI coin is not showing an upward trend, but is just fluctuating in place. As the price fluctuates between the $0.24 resistance and the $0.21 support level, PI is unable to reclaim higher levels, indicating how much damage the 92% plunge has caused.

The Directional Movement Index (DMI) on the daily chart shows clear bearish signs. -The DMI is at 25.58, above the +DMI at 18.51, which confirms that sellers still have the upper hand. However, the Average Trend Index (ADX) stands at 14.64, indicating weak overall market momentum. Far from highlighting strength, this low reading suggests that PI is drifting with a lack of confidence. The bulls were unable to initiate a rally, while the bears, while dominant, lacked the momentum needed for a crash.

The Relative Strength Index (RSI) further intensifies the downward pressure. The indicator has now fallen below the neutral line and is heading towards the oversold region, with a current value of 40.55. This confirms the weakening of buyer power and opens room for further declines. If the RSI continues to decline and the price breaks below the descending channel, PI’s price may face an accelerated sell-off as traders close their positions before the support level drops further.

Pi Network’s Technical Quintuple Death Signal

CMF Nears Zero Axis: Inflows are almost non-existent, indicating extreme contraction in buying power

MACD Death Cross: The 26-day EMA crosses above the 12-day EMA, and the bulls’ momentum is completely gone

DMI Seller-Led:-D MI 25.58 is well above +DMI 18.51, with bears structurally controlling the market

ADX below 15: The overall trend strength is weak, and market confidence is collapsing

RSI Moves Towards Oversold: A reading of 40.55 suggests that selling pressure has not yet been fully released

Gravitational Pull at $0.16 All-Time Low

! Pi Network Daily Chart

(Source: Trading View)

The Fibonacci retracement level shows that PI is gradually moving towards the $0.16 Fibonacci level, which is its all-time low. Entering this area would confirm that the overall downtrend remains solid, with recent stabilization attempts lacking real momentum. Approaching this level often leads to illiquidity and increased volatility, increasing the risk of capitulation events.

Failure to hold above $0.21 could trigger another decline, potentially dropping to post-crash lows as volatility picks up again and buyers retreat. A drop from the current $0.24 to $0.16 means there is still about 33% room for the decline. For investors who have already lost 92%, this further decline would be a fatal blow.

However, there is still a bullish possibility on the horizon. If buyers enter aggressively, Pi Network’s price could attempt a rally to the near-term resistance level of $0.67. This would represent room for a rebound of about 179% from the current price. However, given the current technical situation, including strong bearish momentum, weak capital inflows, and structural deterioration, there is still a lot of uncertainty about the rally. To achieve this rally, significant fundamental catalysts are needed, such as the full opening of the mainnet, major partner announcements, or technological breakthroughs.

Since peaking in February, Pi Network’s stock price has been trapped within a descending channel. Technical analysis suggests that the lower boundary of the descending channel is currently near $0.18, and a break below this technical support would open the way to the all-time low of $0.16. More worryingly, trading volume has continued to shrink recently, indicating a loss of market participation. Price declines in low-volume environments are often more difficult to reverse due to a lack of sufficient buying to absorb selling pressure.

Hard Lessons for Investors

The Pi Network’s plunge offers valuable but expensive lessons for investors. This case highlights the huge divide between “hype and reality” in crypto projects. Pi Network’s push to nearly $3 based on community enthusiasm alone is unsustainable in itself when the mainnet is not fully open, tokenomics are opaque, and practical application scenarios are lacking.