The cryptocurrency market has continued its recent bearish price action, with Bitcoin and Ethereum losing key support levels. Bitcoin has dropped below the $77,000 level, while Ethereum risks losing the $2,100 support zone in the near term. The bearish price action extends to other altcoins, with Pi Network (PI) extending its decline on Monday. PI is now trading below the $0.1500 level, marking its fourth consecutive day of losses as persistent selling pressure and upcoming token unlocks continued to weigh on sentiment. Nearly 130 million PI tokens set to unlock in May According to data from PiScan , approximately 129.83 million PI tokens are scheduled to unlock during the remainder of May, representing nearly $19.73 million worth of additional supply entering the market. The ongoing monthly token unlocks have become a recurring source of downside pressure for Pi Network, particularly during periods of weak market demand and declining investor confidence. As prices continue to decline, the increase in PI’s circulating supply adds further downward risk as holders look to reduce exposure. PiScan data also showed that centralized exchange wallet balances increased by more than 277,000 PI tokens over the past 24 hours. The total PI token reserves held on centralized exchanges now stand near 543 million tokens. This adds concerns about the increasing available supply and potential liquidation pressure. Rising exchange balances are often interpreted as a bearish signal, as investors typically move tokens onto exchanges when preparing to sell. PI price forecast: PI remains firmly bearish The PI/USD 4-hour chart is extremely bearish, with PI down 6% in the last 24 hours. It has broken below the $0.1500 psychological support level and could dip lower if the selloff persists. On the 4-hour chart, PI remains below both the 50-period Exponential Moving Average (EMA) at $0.1669 and the 200-period EMA at $0.1736, confirming sustained downward momentum. Momentum indicators also continue to favor sellers. The Relative Strength Index (RSI) has fallen to 29, signaling deeply oversold conditions. While the RSI suggests an oversold condition, it does not yet confirm a bullish reversal. Furthermore, the Moving Average Convergence Divergence (MACD) indicator remains firmly in negative territory. PI has dropped below $0.1500, and a daily candle close below this level could expose the next downside target at $0.1440. Failure to defend this level would expose other downside barriers at $0.1319, which sits close to Pi Network’s all-time low around $0.1310. However, if the buyers step in, they would encounter immediate resistance near the descending trendline around $0.1645, followed by stronger resistance at the 50-period EMA near $0.1669. Unless buying momentum improves significantly, the bulls will continue to face heavy selling pressure at major resistance levels. The ongoing situation in the Middle East also adds further pressure to the broader cryptocurrency market. The post PI slips below $0.15: can it survive mounting token unlock pressure? appeared first on Invezz