Pi Network is under significant market pressure leading to its price hitting a new low. In recent weeks, Pi Network's price has plummeted by 20%, setting the current value at $0.6647.
Current Market Changes
Amid bearish sentiment impacting the crypto market, the Pi Network token has experienced a steep price decline, dropping below the $0.70 mark. As of today, its current price stands at $0.6647, approaching its lowest level in February 2025. Over the last week, the token value dropped by 20%, impacting its overall market capitalization, now at $4.51 billion. This has been compounded by the anticipated increase in total token supply by 1.5 billion units in the next year.
Price Analysis and Technical Indicators
From a technical analysis perspective, Pi Network exhibits a bearish trend. Indicators show that the Relative Strength Index (RSI) is at 32.03, close to the oversold zone, with MACD indicating a negative trend. If PI continues to decline and falls below $0.65, the next support level would be $0.61, potentially setting a new all-time low.
Outlook and Forecasts
For recovery, Pi Network needs to return to the $0.70 level and exceed the $0.80 mark. A further increase in price above $0.90 may indicate a potential upward trend. Otherwise, continued pressure could lead to further price decline.
Amid overall market volatility, Pi Network is facing challenges with its price decline and lack of significant listings on major exchanges. In the near term, maintaining prices above current lows will be critical to alleviate selling pressure.
