Pi Network (PI) Price Drops 7% to Trade at $1.38 as of 4:30 a.m. EST

The Pi Network price dropped 7% in the last 24 hours to trade at $1.38 as of 4:30 a.m. EST on trading volume that went down 9% to $358.87 million.

The Pi Network (PI) price dropped 7% in the last 24 hours to trade at $1.38 as of 4:30 a.m. EST on Monday. The token’s trading volume also went down 9% to $358.87 million.

The project was recently mentioned by speculators as the next crypto that could end up being listed on Coinbase (NASDAQ:COIN). While historically this kind of speculation had a positive impact on crypto prices, this Sunday brought a new wave of volatility, which continued into early Monday.

Last week, the token surged from $1.39 to $1.80, reaching this resistance on early March 13. However, its price was rejected, breaking several support levels until it dropped back down to where it sits right now.

Pi Network Price Prediction: Will PI Get Listed on Coinbase?

The project’s price drop in the last 24 hours is, therefore, only the latest in a series of minor drops that broke multiple supports along the way.

While its Bollinger Bands remain wide, and while this is typically a positive sign, the price performance clearly indicates that it is the falling value that is pushing the lower band further down.

Even at the time of writing, the bands are getting even wider as a new bearish wave continues to push the PI price further down.

15-minute chart for PI/USDT (Source: TradingView)

Even the project’s Relative Strength Index (RSI) value suggests that the bears are in control of the project.

After surging to the value of 80 yesterday, the RSI has dropped deeply into the oversold zone, nearly reaching 20. This sharp drop happened in around 14 hours.

While traders did briefly pump it back up to 65 as some rushed in to buy the dip, a new wave of sales quickly followed, pushing the RSI back down to the oversold zone at 30.

In other words, the start of this new week is not bringing any sort of relief for the crypto sector.

While BTC itself is managing to maintain a balance at around $83.6k, many among the altcoins like PI are still seeing