Pi Network's (PI) Token Has Dropped Nearly 16% in the Past 24 Hours, Now Trading at $1.14

Pi Network's token has dropped nearly 16% in the past 24 hours, now changing hands at $1.14 with a market capitalization of approximately $7.85 billion

Pi Network’s token (PI) has dropped nearly 15% in the past 24 hours, now changing hands at $1.14 at the time of writing. The crypto, launched on February 20, is 62% down from its all-time high of $2.99 and has been trading in the red for more than 20 days now. Since the start of March, Pi has not traded above $2 and has shed over 34% of its value in a fortnight.

Although the project still has several followers on social media, investors are seemingly offloading their holdings, which could have increased downward pressure on the token’s value.

Pi Network’s token (PI) has dropped nearly 16% in the past 24 hours, now changing hands at $1.14 with a market capitalization of approximately $7.85 billion, according to CoinGecko. Pi’s circulating supply reportedly stands at 6.88 billion PI tokens.

The crypto, launched on February 20, is 62% down from its all-time high of $2.99 and has been trading in the red for more than 20 days now. Since the start of March, Pi has not traded above $2 and has shed over 34% of its value in a fortnight.

Although the project still has several followers on social media, investors are seemingly offloading their holdings, which could have increased downward pressure on the token’s value.

Transparency is still in question, but profit-taking continues

Naysayers of the Pi Network on X believe the project has some red flags that could be contributing to the sell-off. There are rumors on the social platform that say the top three holders collectively own 2.69% of the total supply, with the top 10 holders controlling the same percentage, which some community members believe is a little “alarming.”

Pi coin holders are gunning for a Binance listing, which has yet to happen even after 86% of the exchange’s users voted for the coin to be listed in a poll that started on February 18 and ended ten days later.

According to analysts going by the username Alpha Crypto Signal on X, the token displayed signs of weakness over the weekend and predictably broke below a horizontal support level, which triggered a sharp sell-off.

The price has tanked across multiple timeframes since the beginning of this business week. On the 15-minute chart, PI is down 5.45%, trading just above the moving averages of 1.3343 and 1.3401. The 4-hour chart also shows a more profound bearish trend, with the token trading well below its 20-day Exponential Moving Average at 1.5688.

Miner sell-off after grace period ends

According to some market analysts, Pi’s grace period expiration on March 14 triggered a minor sell-off. Prior to the deadline, Pi Network’s developers had urged users to complete the required steps to prevent losing a significant portion of their mined PI tokens.

After the grace period ended, mining rewards no longer accumulated under the previous terms, and miners appear to have started liquidating their holdings, adding more supply to the market. The developers’ warning may have also created some fear, uncertainty, and doubt (FUD) within the community, contributing to selling pressures and price decline.

According to TradingView contributor MyCryptoParadise, Pi’s technical analysis suggests that its bearish momentum could continue in the near term. The token has formed a head-and-shoulders pattern along the resistance trendline of a descending channel, a setup that typically signals further downside.

This pattern was confirmed when PI coin broke below the neckline and closed a candle beneath it on March 14. Such a move often precedes significant price declines, increasing the likelihood of additional losses if buyers fail to step in at key support levels.

Traders are now waiting to see if PI will retest the neckline. If the price remains below the $1.5 mark, it could indicate a continuation of the downward trend. Yet, a break above the resistance zone around $1.7, coupled with strong trading volume, could invalidate the bearish setup and lead to a potential rebound.