Amidst the overall crypto market recovery, Pi Network faces a continued downward price trend. We examine the reasons for the current situation and possible prospects.
Reasons for Pi Network price drop
Pi Network has experienced a price drop due to the lack of new listings on major exchanges like Binance and Coinbase. Most trading occurs on exchanges such as OKX, Gate.io, and Bitget. Additionally, declining demand among investors and concerns about tokenomics also put pressure on Pi's value. Many holders are panic selling their coins ahead of upcoming token unlocks that will increase market supply.
Pi Network price analysis
The four-hour chart shows that Pi price is in a strong downtrend, breaking past the lows of recent months. Market indicators like the moving average and the Bull Bear Power indicator suggest bearish sentiments have prevailed since mid-March. The Relative Strength Index has entered oversold territory, while the MACD indicator remains below the zero line.
Pi Network price recovery prospects
According to technical analysis, a falling wedge pattern is emerging on the chart, which could signal a potential trend reversal. This might lead to a retest of the key resistance level at $1.8042, marking a position 125% above the current level.
Despite the current state of Pi Network prices, potential technical formation suggests the possibility of recovery. However, the future success will depend on addressing existing challenges and adapting the project to market conditions.
