Pi Network's Rollercoaster: A Week of Steep Drops Amid Crypto Recovery
Struggling in a Sea of Green
Pi Network (PI) Experiences 10% Weekly Decline, Investors Gazing at Potential Record Low
The Pi Network's native currency, Pi Coin, took a nosedive over the past week, plunging by double digits, while the broader crypto market showed signs of recovery. The altcoin's market cap plummeted to a jaw-dropping $4.1 billion, as Pi continued to bear the brunt of intense selling pressure.
With bearish pressure intensifying, the token could soon revisit its all-time low near $0.40.
Buckle Up for a Wild Ride
Investor sentiment towards Pi remains grim, and technical indicators suggest the price decline could continue. The Relative Strength Index (RSI), a key momentum indicator that tracks an asset's overbought and oversold market conditions, continues to drop, indicating falling demand and growing selling pressure.
Currently, Pi's RSI is in a downtrend at 39.78. This RSI reading indicates weakening momentum, placing the token just above oversold territory, suggesting continued selling pressure could trigger further losses.
Losing Steam
Pi Network's on-balance volume (OBV) has also decreased, pointing to declining accumulation and reduced buyer interest. At press time, the OBV stands at a lackluster -1.26 billion, falling by 15% in the past week.
The OBV measures buying and selling pressure by tracking volume flow relative to price movements. When OBV falls like this, more volume is tied to selling than buying, signaling weakening investor confidence and potential for further price declines.
Price Plunges and Recoveries
Pi's plummeting Chaikin Money Flow (CMF) supports the bearish outlook. At press time, this indicator, which tracks how money flows into and out of an asset, is below the zero line at -0.15.
This negative reading reflects the strength of the sell-side pressure in the Pi spot markets. If this trend persists, Pi could revisit its all-time low of $0.40.
However, a bullish reversal in the current trend could propel Pi's price to $1.01.
A Note of Caution
Remember, this article is for informational purposes only and not financial advice. Always do your own research and consult with a professional before making any financial decisions.
Extra Info:
- Recent Price Decline: The Pi Network's native currency, Pi Coin, has experienced a significant price drop of about 15% over the last month, currently trading around $0.6077[3][4].
- Key Support Levels: Pi Coin recently bounced back from the $0.50 support level, indicating potential resilience[2]. However, it faces strong resistance at around $0.64 to $0.65[1][2].
As for technical indicators...
- Neutral RSI Levels: Reports suggest that Pi Coin is experiencing neutral RSI levels, which could indicate neither an overbought nor oversold condition[5].
- OBV Insights: There is no detailed information on OBV for Pi Coin in the current context. However, strong buying volume was noted during the recent bounce from $0.50, suggesting growing investor interest[2].
Future outlook...
- May 2025 Predictions: Experts predict a potential advance toward $0.73–$0.76 by the end of May 2025 if technical improvements hold[5]. More optimistic forecasts suggest that if Pi Coin breaks above $0.65, it could rise to $1.55 or even $5 before the Consensus 2025 event[2].
- Bullish Case: A break above the resistance at $0.65 could trigger a stronger uptrend, targeting prices like $0.85, $1.23, and potentially $1.55[2].
- Bearish Case: If selling pressure resumes, Pi Coin might slide back toward $0.58–$0.60[5].
Overall, while the recent decline poses challenges, Pi Network's potential for a breakout and price increase, especially if key resistance levels are breached, keeps investor interest high.
- The Pi Network's native currency, Pi Coin, has witnessed a steep drop of approximately 15% in the past month, trading around $0.6077.
- Despite the decline, Pi Coin recently rebounded from the $0.50 support level, indicating some resilience.
- The Relative Strength Index (RSI) for Pi Coin suggests neutral market conditions currently, neither overbought nor oversold.
- On-balance volume (OBV) for Pi Coin shows a decrease, indicating reduced buyer interest and increased selling pressure.
- The Chaikin Money Flow (CMF) for Pi Coin indicates strong sell-side pressure in the Pi spot markets, supporting the bearish outlook.
- A bullish reversal in the current trend could propel Pi's price to $1.01, but if selling pressure resumes, it might slide back toward $0.58–$0.60.
- Experts predict a potential advance toward $0.73–$0.76 by the end of May 2025, if technical improvements hold, while more optimistic forecasts suggest Pi Coin could rise to $1.55 or even $5 before the Consensus 2025 event.
