TLDR
- Pi Network is trading at $0.7796, up 6% in 24 hours but down 38% over the past week
- Technical indicators show mixed signals with RSI near 51 and some buying strength returning
- Token accessibility issues and KYC delays since February mainnet launch frustrate users
- Lack of Tier 1 exchange listings and practical applications limit price growth
- Technical analysis suggests a possible 45% crash to $0.40 if support at $0.5580 breaks
Pi Network’s price is showing early signs of recovery after a significant pullback, but multiple challenges could prevent sustained growth beyond the $1 mark. Currently trading at $0.7796, PI has gained 6% in the last 24 hours while still remaining 38% down over the past week and 70% below its all-time high of $2.99 from February.
The cryptocurrency’s daily trading volume has increased slightly to $221 million, representing a 0.8% rise that hints at renewed market interest after the recent decline.
Technical indicators present a mixed picture for PI’s short-term prospects. The Relative Strength Index hovers near 51, suggesting a neutral market trend.
The token’s 20-day and 30-day moving averages have turned positive, indicating some return of buying pressure. However, shorter-term indicators like the 10-day EMA and SMA continue to flash sell signals.
Support appears to be forming around the $0.77 level. For PI to confirm a stronger recovery trend, it would need to break above the $0.84 resistance zone.
Persistent Ecosystem Issues
One of the main hurdles facing Pi Network is the ongoing difficulty many users have in accessing their tokens.
Since the mainnet launch in February, Know Your Customer (KYC) verification delays have prevented numerous early miners from freely using or trading their coins.
This situation has created frustration within the community, particularly among those who participated in the project’s early stages with expectations of being able to utilize their tokens soon after mainnet launch.
The absence of PI from major cryptocurrency exchanges remains a pressing concern. While the token is available on platforms like Gate.io, Bitget, and OKX, it has yet to secure listings on top-tier exchanges such as Coinbase and Binance.
This limitation has restricted liquidity and wider adoption of the token. Some community members attribute the lack of premium exchange listings to the development team’s limited transparency.
Questions have also emerged regarding the promised $100 million Pi Network Ventures fund. This initiative was intended to support new projects within the Pi ecosystem, but visible progress has been minimal.
Despite claims of a user base potentially as large as 60 million people, PI currently has few practical applications. The lack of widely used decentralized applications or DeFi services on the network means there is little demand for the token beyond speculative trading.
Technical Warning Signs
From a technical analysis perspective, Pi Network’s price action is forming what appears to be a bearish pennant pattern on the eight-hour chart. This technical formation, coupled with fundamental concerns, could signal further downside risk.
The consolidation pattern follows a steep decline that began on May 12, when PI reached $1.6631 ahead of ecosystem news. Since then, the price has fallen below the 50-period moving average.
If PI breaks down from this pattern, technical analysis suggests it could drop to support at $0.5580, representing previous lows from April 9 and April 30. A failure to hold this level could send the price down to $0.40, which would represent a 45% decline from current levels.
This bearish forecast would be invalidated if PI rises above the psychologically important $1 mark.
Another factor that may weigh on PI’s price is the ongoing token unlock schedule. Data shows that the network will release 271.18 million tokens over the next 30 days, averaging over 9 million tokens daily. Over the next 12 months, about 1.49 billion tokens will be unlocked.
With a maximum supply of 100 billion and a current circulating supply of 7.9 billion, the token’s supply will grow by over 92 billion over time. These unlocks increase supply, which can put downward pressure on price without matching demand.
If PI can maintain support above $0.77 and break through resistance at $0.84, it may target the $1 mark once more. However, without addressing key issues like token accessibility, exchange listings, and ecosystem development, substantial price growth appears unlikely.
The market will be watching closely to see if Pi Network can overcome these challenges and deliver on its promises to its large community of users.
