Key takeaways

• Rising supply and weak technical indicators could pressure PI toward key support at $0.1184. 
• Around 16 million PI tokens are set to be unlocked on Thursday, with another 14.8 million becoming eligible for mainnet migration on Friday, potentially increasing selling pressure. 

Pi Network (PI) traded lower on Thursday after suffering three consecutive days of losses earlier in the week. The token remains locked in a broader downtrend that has persisted since late April.

The recovery faces a significant near-term challenge as millions of new PI tokens are scheduled to enter circulation, potentially increasing selling pressure and limiting upside momentum.

Major token unlocks could increase supply pressure

According to PiScan data, approximately 16 million PI tokens are scheduled to be unlocked on Thursday.

A further 14.8 million PI tokens are expected to become eligible for mainnet migration on Friday, adding to concerns about rising circulating supply.

The newly unlocked tokens can potentially be transferred to centralized exchanges, increasing the likelihood of additional selling activity.

Historically, large token unlock events often create short-term downward pressure as investors gain access to previously restricted holdings.

Network activity also points to notable withdrawals among major wallets. PiScan data shows that three of the five largest transactions recorded over the past 24 hours involved the movement of approximately 255,000 PI tokens.

PI technical outlook remains bearish

At the time of writing, PI is trading above $0.1250, but the broader technical picture remains weak.

The token continues to trade below key moving averages (50-day, 100-day, and 200-day) on the four-hour chart.

The clustering of these indicators above the current price suggests that sellers continue to control the broader trend.

Technical momentum signals offer little evidence of a strong recovery. The RSI is hovering near 43, indicating weak buying pressure and a lack of strong bullish momentum.

The Moving Average Convergence Divergence (MACD) and signal line remain slightly below zero, reflecting ongoing bearish conditions despite the recent rebound.

Together, these indicators suggest that any short-term rallies could face difficulty sustaining momentum.

If the rally resumes, PI would need to overcome the $0.1299 resistance to enable it to target the higher supply zones at $0.1360 (100-period EMA) and $0.1400.

However, if the bearish trend persists, the bulls will need to defend the core support levels at $0.1184 and $0.1000. 

A break below $0.1184 could expose PI to further downside and potentially trigger a move toward the $0.1000 region.

While Pi Network has managed to stabilize after several days of losses, the combination of weak technical momentum and substantial upcoming token unlocks continues to favor the bears.

Unless demand strengthens enough to absorb the incoming supply, the current rebound risks becoming a temporary relief rally, with the recently established $0.1184 support level remaining the critical line to watch in the days ahead.

Bitcoin price started a downside correction from the $64,600 zone. BTC is showing bearish signs and might continue lower below $61,200.

• Bitcoin failed to stay above $64,000 and extended losses.
• The price is trading below $62,800 and the 100 hourly simple moving average.
• There was a break below a bullish trend line with support at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $62,500 and $62,200 levels.

Bitcoin Price Dips Again

Bitcoin price failed to clear the $64,500 resistance zone. BTC started a downside correction and declined below the key support at $63,500 to enter a bearish zone.

There was a move below the 50% Fib retracement level of the upward move from the $59,070 swing low to the $64,613 high. Besides, there was a break below a bullish trend line with support at $62,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $62,500 and the 100 hourly simple moving average. If the price remains stable above $61,500, it could attempt a fresh increase. Immediate resistance is near the $62,000 level. The first key resistance is near the $62,200 level.

A close above the $62,200 resistance might send the price further higher. In the stated case, the price could rise and test the $64,000 resistance. The next resistance could be near the $64,500 level. Any more gains might send the price toward the $66,000 level. The main hurdle for the bulls could be $66,500.

Downside Extension In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline. Immediate support is near the $61,200 level or the 61.8% Fib retracement level of the upward move from the $59,070 swing low to the $64,613 high.

The first major support is near the $60,950 level. The next support is now near the $60,200 zone. Any more losses might send the price toward the $59,000 support in the near term. The main support now sits at $58,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $61,200, followed by $60,200.

Major Resistance Levels – $62,500 and $64,000.

Ethereum price started a downside correction from $1,720. ETH must clear the $1,670 and $1,700 resistance levels to continue higher.

• Ethereum started a downside correction below the $1,620 zone.
• The price is trading below $1,665 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it stays below the $1,680 zone.

Ethereum Price Resumes Decline

Ethereum price failed to stay above the $1,700 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $1,680 and $1,665 levels.

There was a break below a bullish trend line with support at $1,700 on the hourly chart of ETH/USD. The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $1,505 swing low to the $1,719 high.

However, the bulls were active near the $1,610 level. Ethereum price is now trading below $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,610, the price could attempt another increase.

Immediate resistance is seen near the $1,665 level. The first key resistance is near the $1,680 level. The next major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,750 resistance. An upside break above the $1,750 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,840 resistance zone or even $1,850 in the near term.

Downside Continuation In ETH?

If Ethereum fails to clear the $1,710 resistance, it could start a fresh decline. Initial support on the downside is near the $1,610 level. The first major support sits near the $1,585 zone or the 61.8% Fib retracement level of the upward move from the $1,505 swing low to the $1,719 high.

A clear move below the $1,585 support might push the price toward the $1,550 support. Any more losses might send the price toward the $1,520 region. The main support could be $1,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,710