In June, Pi Network's price dropped by 30%, raising significant concerns among holders. This decline coincided with a broader downturn in cryptocurrency prices.
Cryptocurrency Market Situation
The cryptocurrency market has experienced significant losses in June, affecting major assets like Bitcoin, Ethereum, and Solana. However, the sharp decline in Pi Network's price has drawn special attention due to its timing and the project's limited circulation stage.
Current Prices and Technical Indicators
Currently, Pi's price sits around $0.5091, representing a slight recovery from a low of $0.475. Current technical indicators show mixed signals, suggesting there is buying interest, but the situation remains fragile. The Relative Strength Index is at 29.70, indicating the token is in oversold territory.
What Lies Ahead for Pi Network?
Despite the price drop, the project's supporters emphasize the importance of its long-term prospects and utility. However, without the launch of an open mainnet, sentiments around Pi will likely remain cautious, increasing pressure on the project.
The dramatic price drop of Pi Network in June raises serious concerns both within and outside the community. The project must develop strategies to regain trust ahead of upcoming key events.
