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

Pi Network’s native token PI surged to a historic high of $2.98 in February 2025, then experienced a dramatic crash, currently suffering an astonishing 92% retracement, trapped in a persistent downtrend. Technical indicators are overwhelmingly bearish, the Chaikin Money Flow (CMF) is only 0.01, the MACD 26-day moving average has crossed above the 12-day moving average, and the RSI has fallen to 40.55, approaching the oversold zone.

Full Analysis of the Collapse from $2.98 to $0.24

Pi Network’s price once surged due to speculation and hype, but now struggles to attract meaningful buying activity. Every minor rebound is immediately met with selling pressure, confirming ongoing market weakness. The fundamental reason behind this plunge is the fragility of the project’s fundamentals and market expectations’ disillusionment.

Since its launch in 2019, Pi Network has promised users to “mine” PI tokens via mobile phones, but the mainnet has yet to fully open, and tokens have been unable to trade freely for a long time. The price spike in February 2025 was mainly driven by optimistic expectations of the mainnet’s full launch, but subsequent developments failed to meet market expectations. The token unlock pace far exceeded demand growth, leading to oversupply, and without real-world use cases to support it, the price rapidly collapsed.

Falling from $2.98 to the current approximately $0.24, this 92% decline is rare in crypto market history. Even during the 2022 crypto winter, most mainstream coins declined between 70% and 85%. The excessive crash of Pi Network indicates that this is not only a result of overall market weakness but also a reflection of structural issues within the project itself. Early investors and “mining” users continued to sell after token unlocks, forming an irreversible downward spiral.

Currently, PI fluctuates narrowly between the resistance at $0.24 and the support at $0.21. Such low-volatility sideways movement often signals a trend continuation. Without a major catalyst, the price may continue to decline after consolidation.

Five Pieces of Evidence of Complete Technical Breakdown

(Source: Trading View)

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

The MACD indicator reinforces the bearish outlook. The 26-day moving average has crossed above the 12-day moving average, indicating that bullish momentum has completely disappeared. Both moving averages are flattening, and the histogram hovers near zero, reflecting stalled momentum. PI’s price shows no upward trend, only oscillating in place. As the price fluctuates between the resistance at $0.24 and support at $0.21, PI cannot regain higher levels, demonstrating the damage caused by the 92% crash.

The daily chart’s Directional Movement Index (DMI) shows clear bearish signs. The -DMI is 25.58, higher than the +DMI at 18.51, confirming that sellers still dominate the market. However, the Average Directional Index (ADX) is 14.64, indicating overall market momentum is weak. This low reading not only highlights a lack of strength but also suggests PI is drifting without confidence. Bulls cannot initiate a rebound, and although bears dominate, there is insufficient momentum for a collapse.

The Relative Strength Index (RSI) further intensifies downward pressure. The indicator has broken below the neutral line and is heading into oversold territory, currently at 40.55. This confirms weakening buying power and opens space for further decline. If RSI continues downward, breaking below the descending channel, PI’s price could face accelerated selling as traders close positions before further support levels.

Five Deadly Technical Signals for Pi Network

CMF approaching zero line: Capital inflow is almost nonexistent, indicating extremely weak buying pressure

MACD death cross: 26-day moving average crosses above 12-day, indicating bullish momentum has vanished

DMI dominated by sellers: -DMI at 25.58 far exceeds +DMI at 18.51, showing a bearish structural control

ADX below 15: Overall trend strength is weak, market confidence has collapsed

RSI heading into oversold territory: 40.55 suggests selling pressure has not yet fully released

Gravitational Pull of the $0.16 Historical Low

(Source: Trading View)

Fibonacci retracement levels show that PI is gradually approaching the Fibonacci level of $0.16, which is its historical low. Entering this zone would confirm that the overall downtrend remains solid, and recent stabilization attempts lack real momentum. Approaching this level often leads to liquidity shortages and increased volatility, raising the risk of capitulation events.

If the price fails to hold above $0.21, it could trigger another downward wave. As volatility increases and buyers retreat, the token may fall to post-collapse lows. Falling from the current $0.24 to $0.16 implies about a 33% further decline. For investors already down 92%, such further drops would be devastating.

However, there remains a slim chance for a bullish reversal. If buyers step in actively, Pi Network’s price could attempt a rebound to the recent resistance at $0.67. This would represent approximately a 179% rebound from the current price. Nonetheless, given the current technical situation—including strong bearish momentum, weak capital inflows, and structural deterioration—a rebound remains highly uncertain. Achieving such a rebound would require major fundamental catalysts, such as full mainnet launch, significant partnership announcements, or technological breakthroughs.

Since peaking in February, Pi Network’s price has been trapped in a descending channel. Technical analysis shows that the lower boundary of this channel is currently around $0.18. A break below this support could open the way to the $0.16 historical low. More concerning is that recent trading volume has been steadily declining, indicating diminishing market participation. Price declines in low-volume environments are often harder to reverse due to insufficient buy-side absorption of selling pressure.

Investors’ Painful Lesson

Pi Network’s crash offers a valuable but costly lesson for investors. This case highlights the huge gap between hype and reality in crypto projects. Pi Network’s near $3 valuation was driven solely by community enthusiasm despite the mainnet not being fully open, opaque tokenomics, and lack of real-world applications—an unsustainable situation.