Will Pi Network price fall to a new all-time low as a falling wedge breaks down?

cryptonews06-04

Pi Network price has fallen near its historical bottom after sellers forced a breakdown from a falling wedge pattern amid growing supply pressure. Summary Pi Network fell to a four-month low near...

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The Pi Mainnet has successfully upgraded to Protocol 23. All Mainnet nodes are required to complete this step before the deadline to remain connected to the network. 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The tolen’s drop has erased most of the gains generated by the March rally that followed Kraken’s listing announcement and has left traders questioning whether the token can avoid a fresh all-time low.\nA major source of pressure continues to come from the network’s token release schedule. Data from PiScan shows that approximately 163.6 million PI tokens are scheduled to enter circulation over the next 30 days, with daily unlocks averaging 5.45 million PI. Several large release events are also approaching, with the biggest scheduled unlock expected to release nearly 16 million PI on June 11.\nSource: PiScan\nThe steady increase in liquid supply has created a difficult environment for buyers as early holders continue taking profits.\nOutside the Pi ecosystem, risk appetite across digital assets has deteriorated sharply. Bitcoin (BTC) recently fell toward the $65,000 region while Ethereum (ETH) briefly touched $1,800 as traders responded to heavy liquidations, persistent spot ETF outflows, and renewed uncertainty surrounding Mt. Gox-linked Bitcoin transfers.\nMore than $750 million in crypto positions were liquidated during the recent selloff, removing a large amount of speculative leverage from the market and reducing demand for higher-risk altcoins.\nNetwork developments have provided limited support. Pi Network recently highlighted new gaming initiatives through CiDi Games, one of its ecosystem partners, while also promoting additional utility opportunities for Pioneers.\nA previous update from CiDi Games described the initiative’s role within the ecosystem:\n\n“CiDi Games gives Pioneers new ways to use Pi through gaming, while also extending the Pi ecosystem with infrastructure that can support more games and developers over time.”\n\nAt the protocol level, the Core Team confirmed deployment of Protocol v23 and previously targeted June 2 for completion of Protocol v24, although no official confirmation of the latest rollout had been published at the time of writing.\n\nThe Pi Mainnet is upgrading to Protocol 24 – Deadline: June 2. The Pi Mainnet has successfully upgraded to Protocol 23. All Mainnet nodes are required to complete this step before the deadline to remain connected to the network. Details here: https://t.co/9VehO7hhj1— Pi Network (@PiCoreTeam) May 27, 2026\n\nFalling wedge breakdown exposes Pi Network to deeper losses\nOn the daily chart, Pi Network has broken below the lower boundary of a multi-week falling wedge pattern that had been developing since April. The breakdown occurred after buyers repeatedly failed to reclaim resistance around the $0.18-$0.20 region, allowing sellers to regain control of the trend.\nPi Network price is close to breaking below a falling wedge pattern on the daily chart — June 3 | Source: crypto.news\nThe chart also shows PI trading beneath its major short- and medium-term moving average zones, a sign that momentum remains firmly tilted toward the downside. Several key support levels have already failed during the recent decline, including $0.18, $0.16, and most recently, the psychological $0.14 area.\nFibonacci retracement levels drawn from the February low to the March peak place the 78.6% retracement near $0.166, a level that has already been lost. PI price is now hovering just above the 100% retracement level around $0.1299, which coincides with the current all-time low zone.\nThe MACD histogram remains below the zero line, while the MACD line continues to trade beneath its signal line. Although selling pressure has slowed compared with the sharp declines recorded in May, the indicator has yet to produce a confirmed bullish reversal.\nAll-time low remains the key downside risk\nFor now, the most immediate bearish trigger for Pi Network price is a decisive break below the $0.129-$0.131 support band. Such a move would place the PI token in price discovery on the downside and open the door to a fresh record low.\nToken unlocks also remain a significant risk factor throughout June. Any increase in exchange inflows from newly unlocked tokens could intensify selling pressure, particularly if Bitcoin and Ethereum remain under pressure from macroeconomic uncertainty and ETF-related outflows.\nHence, bulls would need to reclaim the former breakdown area near $0.16 to stabilize sentiment.\nA move back above that level could allow PI to challenge resistance near $0.194, which aligns with the 61.8% Fibonacci retracement level. Until then, the chart structure favors sellers, with the all-time low remaining the market’s most important level to watch. \n\n\n\n\n\n                Read more:\n            \n\n                Defend Developers launches PAC to shield crypto developers in CLARITY Act            \n\n\n\n  \n\n            Disclosure: This article does not represent investment advice. 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