Pi Network's Price Has Crumbled

Pi Network's native token, Pi Coin, has seen its price decline drastically in recent months, with chatter about the token remaining nonetheless.

As of today, Pi Coin is trading at just $0.5796, a far cry from its euphoric March highs near $3.

However, a viral Binance post has sparked speculation that Pi might finally get a proper listing on major exchanges.

Pi Coin Trading Volume Is Dropping Fast — Even as Hype Persists

The trading volume for Pi Coin has decreased significantly in recent weeks, indicating a lack of interest from buyers.

The lack of buying activity has resulted in limited price movement and low conviction in the token.

On the other hand, Google queries like "Is Pi going live?" or "Will Pi be listed on Binance?" are surging.

But there’s a mismatch: online curiosity is up, but on-chain activity is drying up. That’s usually a warning sign in crypto.

In the cryptocurrency domain, hype is often credited with sparking interest, while volume is crucial in sustaining the momentum.

At present, Pi Coin appears to be running out of fuel.

Pi Coin Technical Breakdown

After soaring to a high of $2.94 in March, PI coin has encountered a steep downturn.

The token's price has dropped by over 80% from its all-time high, and it is currently trading at the same levels as in December 2021.

The Relative Strength Index (RSI) on the 4-hour chart indicates that PI coin is oversold, and it could see some support at the 200-period Simple Moving Average (SMA).

However, the 50-period SMA has already crossed over the 200-period SMA, which could be a bearish signal.

Overall, the technical analysis suggests that PI coin could see some short-term gains, but it faces strong resistance at the $0.6 levels.

If the sellers remain active, then we can expect to see further declines in the price of the token.

What Could Save Pi Coin Now?

For Pi Network to bounce back from this brutal decline, two things must happen:

• New users must join the network in droves to increase demand for the token.

• Major exchanges must list Pi Coin to provide traders with easier access to the token.

Until then, the token remains speculative at best, with price movement driven more by rumors than fundamentals.