Pi price trades near $0.0682 support after Banxa removed as wallet option

Traders Union
All News
Crypto
Pi slides 8.57% to $0.0754 today

Highlights

Pi Network will implement its Protocol v25 upgrade on July 22, aiming to enhance stability, reliability, and user privacy features.
Operational changes include a revamped mining app menu for improved user engagement and a shift to Fast Track KYC as Banxa is removed for wallet creation.
PI/USD remains under pronounced bearish pressure with sellers dominant, trading near $0.0754; expected range is $0.0682 to $0.0826 with low odds of a rebound.

Protocol upgrade and app changes as ecosystem faces selling pressure

Pi Network has scheduled its Protocol v25 upgrade for July 22, focusing on enhancing network stability, reliability, and privacy-preserving features, according to Minepi. The ecosystem will also see a redesign of the mining app's menu, aimed at delivering a clearer presentation of key components to encourage ongoing platform engagement. Additionally, Banxa has been removed as an in-app wallet creation option as onboarding transitions to Fast Track KYC, reflecting operational adjustments in user verification policies, though price action has remained under broader selling pressure.

Bearish momentum persists as oscillators highlight oversold readings

On the H1 chart, PI/USD remains capped below the MA-20 at $0.0797 and the MA-50 at $0.0783, while on the daily timeframe it trades well under the MA-200 at $0.1652. The Ichimoku Kijun line stands at $0.08 and serves as immediate resistance. Momentum remains weak, with the Moving Average Convergence Divergence (MACD) showing continued selling pressure and the Average Directional Index (ADX) staying neutral. The Relative Strength Index (RSI) is at 38.73, signaling a sell bias, and the Commodity Channel Index (CCI) is in oversold territory. While the Stochastic RSI points to a strong buy signal, both Bull/Bear Power and the Awesome Oscillator reinforce the prevailing bearish momentum, with sellers dominating intraday action and some oscillators suggesting oversold or potential rebound signals.

Limited upside as consolidation expected near lower support band

Over the next 2–3 trading days, PI is expected to consolidate within a typical volatility band from $0.0682 to $0.0826. The probability of a sustained upward move is very low, while prospects for further downside remain high. The baseline scenario is for price action to remain constrained between these support and resistance levels; a bullish breakout requires a move above $0.08, while a drop below $0.0682 could accelerate further declines.

Anton Kharitonov, expert at Traders Union, sees Pi Network trading with persistent downside momentum, despite an upcoming core protocol upgrade. He believes technical indicators remain distinctly bearish, with price capped below key moving averages and sellers in control. Network developments aimed at user experience and compliance have not yet shifted sentiment on the asset. "As long as PI remains under $0.08 and selling pressure dominates, I see no compelling bullish case here."

Earlier, analysts noted that Pi remained under persistent bearish pressure amid selling triggered by token unlocks and limited exchange adoption. Current technicals confirm the ongoing downtrend, with traders advised to closely monitor for any break of the $0.0682 support as a potential catalyst for increased downside momentum.

Source of Data: PI Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.