In June, Pi Network is set to unlock over 250 million PI tokens, a move that could amplify the existing selling pressure on the altcoin. Technical indicators point to diminishing investor interest, which might lead PI to approach its all-time low of $0.40 or potentially dip below it.

Data from PiScan indicates that Pi Network plans to release 276 million PI tokens in June. These tokens have a current market value of around $176 million. Given the current market climate characterized by weak prices and low trading volumes, this unlock event could disrupt the market further. Typically, when a large number of tokens enter the market, it results in increased selling pressure, especially if investor sentiment remains negative and there isn't sufficient demand to balance the supply.

This situation applies to PI, as evidenced by the daily chart, which shows a sustained decrease in capital inflows. For instance, the Relative Strength Index (RSI) of the token is trending downward and stands at 40.49, below the neutral 50-line.

The RSI indicator evaluates whether an asset is overbought or oversold, ranging from 0 to 100. Levels above 70 signify the asset is overbought and likely to experience a price drop, whereas values under 30 suggest the asset is oversold and may see a recovery.

PI's RSI readings demonstrate a preference among traders for distributing rather than accumulating the token. Should this trend persist, the token's price might continue to fall. Additionally, the token's Aroon Down Line is at 86%, reflecting the robustness of the decline. The Aroon indicator helps determine the trend's direction and intensity. When the Aroon Down line nears 100%, it implies that recent price movements have consistently reached new lows, showcasing strong bearish momentum.

At 86%, Pi's Aroon Down level indicates that the asset has been setting new lows frequently without much correction.

As of the latest reports, PI is trading at $0.63. With the increasing selling pressure, bears in the PI market could drive its price towards its all-time low of $0.40.

Should this support level fail, the altcoin might plunge to unprecedented lows.

Conversely, a revival in demand for the token would negate this pessimistic forecast. Under such circumstances, PI might rebound and surge towards $0.86.

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