Pi Network Faces Steep Decline Amidst Market Uncertainty
Pi Network’s price is currently at $0.6894, reflecting a 6% daily drop and a 15% weekly decline. Since its February peak of nearly $3, Pi Coin (PI) has lost over 75% of its value.
May started with a 6% daily loss and a 15% drop over the past week.Pi Coin (PI) has plummeted more than 75% since its February high of almost $3.
May began with a 200% surge, pushing the price to $1.67. However, this was followed by a sharp decline, erasing most of the gains. The price is now stuck in a narrow range between $0.688 and $0.816.
despite the decline, trading volume has risen by over 42% to $158 million, indicating increased market activity. On-chain data shows more tokens are being moved to exchanges, suggesting potential selling pressure.
further selling is expected as 263 million PI tokens unlock in June, with more following in July and August.Technically, the trend is bearish, with major moving averages above the price. The Bollinger Bands are tightening, and the price is near the lower band.
Momentum indicators like the moving average convergence divergence and the awesome oscillator are negative, reinforcing the bearish view. The relative strength index is weak, and the stochastic RSI is deeply oversold without a reversal signal.
A sustained move above $0.75–$0.78 could change sentiment. Otherwise, $0.60 and $0.50 are key support levels. The path of least resistance is downward as supply exceeds demand.
Pi Network aims to create long-term value with its $100 million Ventures fund, focusing on e-commerce, fintech, gaming, and AI. Though, until demand increases, the technical outlook remains weak.
