Is Pi coin on the verge of collapse? The Pi Network price is approaching a critical support level, and buyers have failed to take control.

Pi Network (PI) today (15) reported a price of 0.4561 USD in the Asian early session, approaching a key support level. Buyers have failed to take the lead, and wallet activity along with weak momentum indicates market direction is uncertain.

Pi Coin is hovering near the key price range

According to CryptoPotato, the price of PI coin is currently approaching a key support level after experiencing a week of stagnation.

Considering that most cryptocurrencies are performing well, this figure is concerning in itself. The trading volume is $96.5 million, indicating that trading activity is lower at this time of year.

The chart data shows that the price is forming a symmetrical triangle pattern, moving towards the end of the bullish formation. The support level has held multiple times around 0.4450 USD, while the resistance level near 0.60 USD has yet to be reached. The asset is approaching a point where a larger increase or decrease may occur.

The Relative Strength Index (RSI) is currently at 39.82, within a lower and stable range. A breakout above 45 suggests some buying pressure, while a drop to 30 may indicate a continuation of weakness.

At the same time, the MACD indicator is still below the signal line, but the histogram has slightly turned positive. This pattern indicates that the selling has paused, but buyers have not yet taken control. The current market trend remains unclear.

(Source: Trading View)

Wallet activity raises attention

A wallet named "ODM" received 1.56 million Pi coins from the exchange in the past 24 hours. This transfer has raised questions about its source, with some traders believing that the wallet may belong to the team or be used for repurchasing.

This move comes at a time when prices are consolidating. If the Wallet is linked to the project, it may indicate that the project is working to stabilize prices or manage circulating supply. The team has not yet confirmed this.

The value of Pi Coin has depreciated by nearly 70% over the past two months. This decline is related to the ongoing token issuance, which makes it easier for early holders to sell.