The Pi Network Price Has Continued to Move in a Tight Range

The Pi Network price has continued to move in a tight range as the hype that surrounded the network in February evaporated.

The price of Pi Network (PI) has continued to move in a tight range as the hype that surrounded the network in February has evaporated. The token was trading at $0.60 on Monday morning, a level it has maintained in the past few weeks. This price is about 80% below its all-time high. The market cap has dropped from almost $19 billion to $4 billion today.

The Pi Network price may explode higher in May as crypto exchange HTX teases the token.

The price of Pi Network (PI) has continued to move in a tight range as the hype that surrounded the network in February has evaporated. The token was trading at $0.60 on Monday morning, a level it has maintained in the past few weeks. This price is about 80% below its all-time high. The market cap has dropped from almost $19 billion to $4 billion today.

Several factors may contribute to the fact that the Pi Network price has crashed by more than 70% from its all-time high.

The most likely factor is that demand for the token has plunged. At its peak, the network had a daily volume in the billions. However, data shows that the average daily volume for Pi Coin has now dropped to less than $70 million. Most of the daily Pi volume is happening on Bitget, one of the few exchanges that has listed the token. The other volume is on exchanges like OKX, MEXC, and Gate.io.

The falling Pi Network demand comes as token unlocks continue. According to TokenUnlocks, over 1.4 billion tokens will be unlocked in the next 12 months, which is equal to over 112 million a month. According to Economics 101, falling demand and rising supply always lead to a falling price.

However, there is a strong likelihood that the Pi Network price will explode higher in May. The most likely reason for this is that HTX, a crypto exchange founded by Justin Sun, has been teasing Pi in the past few weeks. A major exchange listing would be a big catalyst for the Pi Coin price, as we have seen with other tokens.

Unlike other crypto projects, Pi Network requires a Know Your Business (KYB) process before it is listed by an exchange. A good example of this is BitMart, which completed the KYB process last week, and is now offering the coin after an initial pause. Banxa also completed the KYB.

One of the most popular theories in technical analysis is known as the Wyckoff Method. This theory suggests that an asset goes through four stages: accumulation, mark-up, distribution, and markdown.

Pi Network seems to be in the accumulation phase, which is characterized by sideways movements and muted volumes. Therefore, if this theory comes into effect, all it needs is a spark or catalyst to cause a short squeeze.

A predicted Pi Network price surge could see it rise to $0.7932, its highest level in April this year. A move above that level will raise the possibility of the coin hitting the psychological point at $1.