Pi Network Faces Steep Decline Amidst Market Uncertainty
Pi Network’s price is currently at $0.6894,showing a 6% drop today and a 15% fall over the past week. As its peak of nearly $3 in February, Pi Coin (PI) has lost over 75% of its value.
May started well for Pi holders, with the price soaring almost 200% to $1.67. However, this was followed by a sharp decline, wiping out most of the gains. The coin is now stuck in a narrow weekly range between $0.688 and $0.816.
Despite the decline, trading volume has risen by over 42% in the past day, reaching $158 million. This suggests increased market activity. On-chain data shows more tokens are being moved to exchanges, hinting at potential selling pressure.
Further selling is expected as 263 million PI tokens unlock in june, with more to follow in July and August. Technically,the trend is bearish.Major moving averages are above the price, and the Bollinger bands are tightening.
Momentum indicators like the moving average convergence divergence and the awesome oscillator support the bearish view. The relative strength index is weak, and the stochastic RSI is deeply oversold. A breach above $0.75–$0.78 could change sentiment, but $0.60 and $0.50 are key support levels.
Pi Network aims to create long-term value with its $100 million Pi Network Ventures fund. This fund supports projects in e-commerce, fintech, gaming, and AI. However, until demand increases, the technical outlook remains weak.
