Pi Network Coin (PI) is facing intense selling pressure, tumbling from its late February high of $2.98 as bearish sentiment grips the market. With market sentiment turning bearish, concerns are growing that the Pi cryptocurrency may soon dip below the critical $1 support level.
Market conditions have not been favorable for Pi crypto price, as investors remain cautious amid broader economic uncertainties. The lack of significant catalysts to drive buying pressure has left Pi Coin price vulnerable to further declines. Unless a shift in sentiment occurs, Pi currency value could continue its downward trajectory in the short term.
A major factor contributing to the Pi crypto value decline is the upcoming release of 129 million tokens into circulation, valued at approximately $140.61 million. Historically, large token unlock events increase supply, leading to downward pressure on prices. As traders brace for this influx, the probability of PI Coin price dropping below $1 grows.
Pi Network Coin was trading at around $1.15 at press time. Source: TradingView
This token release comes at a time when the Pi Network market is already under pressure, compounding the challenges for investors. With liquidity concerns and a lack of strong demand, the selling pressure could intensify, making it difficult for Pi Network Coin to recover in the short term. Analysts warn that without a strong counterbalance of buy orders, Pi token price may struggle to stabilize.
Despite an 86% vote in favor of a Pi Network Binance listing by the exchange’s community, Binance has yet to confirm whether it will support PI Coin trade. This silence has fueled uncertainty, leaving investors questioning the project’s future. A Binance listing could inject fresh liquidity and confidence into Pi Coin, but the lack of an official announcement has contributed to the coin’s recent slump.
Coinbase hints at a possible Pi Coin listing, while Binance remains silent. Source: WhyPiNetwork via X
Without a listing on a major exchange, Pi Coin buy options remain limited, reducing the token’s accessibility to a broader audience. Investors had hoped that a Pi Coin exchange on Binance would provide a much-needed boost in trading volume and market confidence. However, without confirmation from Binance, the situation remains uncertain, leaving Pi Network sell sentiment dominant.
PI’s price has broken below the lower Bollinger Band at $1.12, often a sign of continued bearish momentum. The Relative Strength Index (RSI) remains near the oversold threshold, suggesting that while selling pressure is dominant, a potential bounce-back could occur if buyers step in. However, if Pi Network price today fails to hold above $1.05, a drop below $1 becomes increasingly likely.
Pi Network Coin still holding above the $1 psychological support, igniting hope for a bullish recovery. Source: SL-Trades on TradingView
To reverse the bearish trend, Pi cryptocurrency value would need a significant uptick in demand. If PI Coin value manages to reclaim $1.23, it could set the stage for further gains, with resistance levels at $1.36 and $1.60. On the downside, failure to maintain support could push Pi Network Coin price into further decline, raising concerns over the sustainability of its market position.
Despite its recent price struggles, Pi Network market continues to develop its ecosystem. The launch of Pi Domains, a decentralized domain service powered by PI tokens, aims to enhance the token’s utility. Users can register blockchain-based domains and conduct e-commerce transactions using Pi currency.
Pi Coin must break the $2 resistance to revive the recent bullish momentum and shift for a fresh upside rally targeting $3. Source: FaridHamid on TradingView
While this development adds value to the ecosystem, its impact on the Pi Network Coin price remains uncertain. Adoption remains a key challenge, as real-world use cases and liquidity drive long-term value. For Pi token to gain sustained momentum, it will need to secure widespread adoption and utility beyond speculative trading.
Analysts remain divided on Pi Coin market trajectory. Some predictions are forecasting a possible rebound, with Pi cryptocurrency price rising to $5.26 by the end of April. But sustained bearishness and macroeconomic volatility may deter this from happening.
Currently, PI Coin is in susceptible conditions, and traders are watching the Pi Network price more anxiously. Whether or not the token can recover or decline further will depend on subsequent market movements, like the impact of the token unlock and any potential Pi Network exchange listings.
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