Pi Network's Record Airdrop Falters as Momentum Wanes

Pi Network (PI) Distributes Record Airdrop But Indicators Show Weak Momentum

The Pi Network (PI) has made history by distributing the largest airdrop in crypto history, surpassing Uniswap. However, despite the massive hype surrounding the launch, the token's price action has been volatile, with indicators suggesting a lack of clear trends and diminishing market momentum.

Pi's Average Directional Index (ADX) has dropped significantly from 60.2 to 15, indicating a loss of momentum and a weakening trend. This decline suggests that the initial hype surrounding the launch has faded, and the market is currently indecisive and lacks clear direction.

The Relative Strength Index (RSI) has also fallen dramatically from over 90 to 45.2, reflecting a shift from extreme buying pressure to a more cautious sentiment. If selling pressure continues, Pi could test support at $0.71. A reversal could push it to test resistance at $1.02 and possibly rise to $1.26.

Pi Network's DMI chart shows its ADX at 15, a significant drop from 60.2 just a few hours ago when the token was officially launched. This rapid decline in ADX suggests a loss of momentum and a weakening trend, indicating that the initial hype surrounding the launch has faded.

An ADX of 15 reflects a very weak trend, suggesting that the market is currently indecisive and lacks clear direction. The drop in ADX highlights diminishing volatility, implying that Pi Network price could consolidate or remain range-bound until a new trend is established.

Alongside this, the +DI and -DI lines provide insights into buying and selling pressure. Currently, Pi Network’s +DI is at 16.3, down from over 60 a few hours ago, indicating a significant reduction in PI buying pressure. Conversely, the -DI is at 21.6, up from 4.2 at launch, showing increasing selling pressure.

This shift suggests that the initial bullish momentum has reversed, and sellers are gaining control. With the ADX so low and the price declining, the next trend is uncertain, and traders should watch for either a breakdown or a potential reversal as the market seeks direction.

If selling pressure continues, Pi could test the support level around