The Pi Network price has faced significant challenges this year, as buyer interest remains low.
The Pi Coin (PI) token initially soared to nearly $3 following its mainnet launch in February, but has since experienced a drastic decline to its current price of $0.7925, resulting in substantial losses for investors.
There are three key factors contributing to the decline of the Pi Network price this year. First, despite a successful mainnet launch, the token has yet to be listed on most major exchanges.
Notably, Binance, the largest cryptocurrency exchange, surprised many by not listing the token after a poll indicated that more than 85% of participants supported the idea in February.
Other well-known exchanges, including Coinbase, Bybit, Kraken, and Upbit, have also not listed Pi Network. Bybit’s CEO has publicly labeled Pi Network as a scam, a claim rejected by the developers.
On a brighter note, there is potential for these exchanges to consider listing the token later this year. The market cap of Pi has surpassed $8 billion, marking it as one of the leading cryptocurrencies.
A listing by these exchanges could significantly boost the token’s price. For instance, the Orca token experienced a surge of over 200% after its debut on Upbit, South Korea’s largest exchange.
Additionally, the Pi Network price decline can be attributed to future dilutions resulting from upcoming token unlocks. Data indicates that millions of dollars in Pi tokens will be unlocked monthly, with over 1.6 billion tokens set to be released in the coming year. This influx of unlocked tokens can dilute the holdings of existing investors.
The ongoing downturn in the broader cryptocurrency market has also impacted the price of Pi coin. Bitcoin (BTC) and numerous altcoins have seen price drops in recent months, largely driven by concerns surrounding economic policies.
Pi Network Price Analysis
The recent four-hour chart indicates that the Pi Network price has fallen sharply as buyers remain inactive. However, there are emerging signs that the sell-off may be losing steam. The Average Directional Index (ADX) has decreased to 15 from a high of nearly 60 last month, suggesting a weakening trend.
Moreover, the BBTrend indicator is revealing a bullish divergence pattern, which signifies potential upward movement. This indicator analyzes the gap between the upper and lower Bollinger Bands.
As both lines of the falling wedge pattern approach a convergence point, it creates one of the most promising bullish reversal patterns in technical analysis.
In conclusion, the Pi coin price is poised for a strong bullish breakout this April, with a target of $1.7980, representing a 127% increase from its current level.
