Pi Network (PI) Has Caught the Attention of Many with Its Rapid Growth, but Is Now Facing Major Challenges in Its Price Movement

The price of Pi Network (PI) was trading at $0.5787 on May 7, having dropped slightly by 1.7% over the last 24 hours.

For a better conversion, if $1 is equal to IDR 16,526, then 1 Pi Network is IDR 9,563.

During this period, the price of PI moved in a narrower range, specifically between $0.572 to $0.5892. Despite the decline, the 24-hour trading volume was quite high, reaching $57,065,620, indicating significant market activity.

With a market capitalization of $4,075,146,290 and a total circulating supply of 7,043,458,340 PIs, Pi Network remains one of the eye-catching cryptos, despite the current slight price drop.

However, the Pi Coin (PI) price is currently facing difficulties. The price of this coin has been stuck in a consolidation phase for about 40 days and is now trading slightly above $0.57, according to data from CoinMarketCap on Friday (6/5).

Pi Coin needs to reclaim the $0.60-$0.62 price range with strong volume to regain momentum.

According to Coinpedia, technical indicators show weakness: The price is below the 10, 20, and 50-day moving averages, the RSI is close to 40 (indicating weak buying interest), and the MACD shows no signs of bullish reversal. Traders remain cautious while the main token opening continues.

Pi Coin launched at around $2 and quickly rose to $2.90. Pi Coin was listed on five exchanges and even appeared in the 11th position on CoinMarketCap. However, after that, the price dropped and fell as low as $0.40. Many began to doubt the project, even calling it useless.

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