After rebasing, the Pi Network’s native token, PI, took a massive hit with its price dropping down to $0.611. This latest decline is a -17% hit over the last few trading sessions, alarming investors and community advocates alike. The price decrease has PI at its lowest spot in the last seven days, challenging major support levels just below $0.60. Today, the network is continuing to struggle with negative market sentiment, bearish technical indicators and loss of community faith.
Technical Analysis and Market Indicators
This left the price range between $0.605 and $0.610 as the primary accumulation zone after several retests. However, PI needs to overcome resistance at $0.7822, a level it recently tested but failed to maintain, to reverse the current bearish trend. The recent breach under $0.71 marked a break of bearish market structure, piling on the pain for the token.
Like the RSI, the Money Flow Index (MFI) on the daily timeframe has rocketed from oversold territory over the last two months. In fact, it’s very close to being overbought. That indicates a tug-of-war between buying and selling forces. The Accumulation/Distribution (A/D) indicator continues its sharp, though slower, downward trend in April, showing continued distribution pressure.
Analysis of downward timeframes shows more bearish signals. In the 5-minute chart, we can see a bearish impulse with diagonal descending resistance, indicating this bearish wave may be going further down. The 4-hour chart shows PI on track to test the 50% Fibonacci retracement level at $0.595. The MFI is 23 — just above oversold territory — mirroring the strong selling pressure. The Relative Strength Index (RSI) has made two breaks into oversold territory. It is a positive sign indicating possible short-term bottoms and rebound opportunities, but they could be short lived.
Community Sentiment and Network Challenges
More than just technical indicators, the Pi Network has issues with the overall mood of its community and lack of advanced network solutions. Some community members have raised concerns over token economics and the Pi Core Team’s lack of public engagement. These issues can erode investor confidence and threaten the long-term financial sustainability of the project.
The Pi Network team still has a chance to become more privacy-centric now, before these concerns develop into more serious problems. Increasing openness and dialogue may go a long way toward calming the skepticism that has spread through the community like wildfire. Solving these non-technical issues may be as important as hitting these technical milestones.
Future Outlook and Key Considerations
The Pi Network’s future price action will likely depend on how effectively the team addresses both market concerns and technical development milestones in the days ahead. Holding the new major accumulation zone of $0.605 to $0.610 will be important to avoid a deeper drop. Breaking this resistance at $0.7822 would be the first indicator of a possible reversal of the bearish trend.
Investors and communities should hold this new team’s feet to the fire on clear communication, robust transparency, and rigorous privacy protections. Meeting these challenges head on is the only way to regain faith in the Pi Network and foster community-led growth of the cryptocurrency. If they don’t, the continued spiral of price drops and community trust erosion is inevitable.
