Pi Network (PI) has experienced a significant downturn, with its price falling below the $0.70 threshold. The cryptocurrency has seen a sharp 20% decline over the past week, currently trading at $0.6647, edging closer to its February 2025 low of $0.6417. This ongoing drop is a reflection of persistent bearish sentiment affecting the broader cryptocurrency market.
Having reached a peak of $2.98 just one month ago, Pi Network’s value has now plummeted by 77%. The market capitalization of the token has similarly contracted, dropping from nearly $20 billion to approximately $4.66 billion, a loss of over $14 billion in market value.
Pi Network Faces Significant Challenges
Several factors are contributing to Pi Network’s struggles. A major concern revolves around the token’s supply, with 1.5 billion new tokens set to be introduced into circulation over the next year, pushing the total supply to 8 billion. Furthermore, the lack of major exchange listings, particularly on platforms like Binance, Coinbase, and Kraken, has hindered the token’s growth.
From a technical standpoint, the outlook for Pi Network remains bearish. The Relative Strength Index (RSI) currently stands at 32.03, nearing the oversold territory, while the Moving Average Convergence Divergence (MACD) indicator remains negative. Should the price dip below $0.65, the next support level lies at $0.61, which could potentially signal a new all-time low.
Will a Recovery Happen?
For any meaningful recovery, Pi Network must first reclaim the $0.70 level and break through the $0.80 barrier. If the price moves beyond $0.90, it could suggest a trend reversal. However, as things stand, the token remains under significant pressure, and further declines remain a real possibility in the near future.
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