Pi Network (PI) Price Has Reclaimed a $4 Billion Market Capitalization

After a 5% increase in 24 hours. However, despite these gains, concerns remain considering that it is down by 79% from its all-time highs

Let's analyze the current state of Pi Network, considering recent price movements, exchange listings, and technical analysis.

Overview: A 5% increase in 24 hours has seen the Pi Network price claim back a $4 billion market capitalization. However, despite these gains, concerns remain considering that it is down by 79% from its all-time highs, and there are no positive updates from the network or new exchange listings. These developments have raised the question: Is PI dying, and is now the right time to sell? Let's find out.

PI token trades at $0.61 today, May 1. It has rallied 5% in the last 24 hours and outperformed most of the top 40 largest cryptos by market cap. Data from CoinMarketCap depicts a 12% surge in trading volumes to $124M.

Pi Network Price Struggles – Time to Sell?

Despite the recent bounce in price, Pi Network is still not out of the woods, as different analysts shared skewed bearish sentiments suggesting the project may be dying.

Per analyst Clark on X, Pi Coin will struggle due to minimal utility, few exchange listings and a lack of liquidity. Another analyst, dubbed 0xkeith, also noted that PI is dying, and it is only a matter of time before selling activity surges after breaching a descending trendline.

The Binance exchange, which the PI community expected to offer a lifeline for the token has steered clear of this new coin, which has dampened investor confidence. Moreover, despite speculations that HTX may list Pi Network, the exchange has not made an official announcement.

The delayed exchange listings have limited access to new buyers, which has led to the price of Pi Network stagnating and forming lower lows.

Lastly, traders may also consider selling Pi Coin because of a lack of speculative activity that suggests a lack of conviction among futures traders about its short-term price movements. Data from Coinanalyze shows that Pi Network’s open interest stands at $16M, and has never made a meaningful increase since launch.

Considering these factors, it is clear that the Pi Network price prediction is bearish, making the case for traders to consider selling. However, the technical outlook showed mixed market sentiment.

Pi Network Technical Analysis as Breakout Looms

The four-hour price charts clearly show that Pi Network is undergoing intense bearish pressure as it fluctuates within a descending triangle pattern. The token's movement within this pattern indicates that the demand is becoming weaker, which supports the bearish trend and makes it likely for the price to fall further to $0.51.

Nevertheless, PI is teasing a breakout above the upper descending trendline after being rejected several times. If it manages to break out, this token may rally to $0.79, and such a run-up will be capable of switching the market structure. Still, a breakout will only occur if the RSI breaks out above 50 and continues to rise, supporting a bullish momentum.

The combination of a wide range of factors, including limited exchange listings, a lack of utility, and weak demand, explains why some traders believe that this PI may be dying.

Pi Network's price performance reflects the trend with new coins that face downward pressure once the initial hype fades and there are no strong fundamentals to drive an uptrend.