The current price of Pi Network coin stands at $0.6894, marking a 6% decrease from the previous day and a 15% drop over the week.
Current Price and Dynamics
Since peaking at nearly $3 in February, the price of Pi token has dropped by more than 75%. In early May, it showed promising growth to $1.67, but followed by a significant decline.
Trading Volume and Selling Pressure
Trading volume increased by 42% in the past day, reaching over $158 million, indicating market activity. However, on-chain data shows an influx of tokens to exchanges, suggesting rising selling pressure.
Technical Indicators Analysis
Technical indicators indicate a clear bearish trend. All major moving averages are above the current token price. The tightening of the Bollinger Bands further suggests continued selling pressure.
Despite short-term risks, Pi Network is trying to establish long-term value through new investments in real applications. However, until fundamental indicators translate into increased demand, technicals remain weak.
