Pi Network Price Drop Slows Down, Suggesting Possible Increase in April
This year, the price of Pi Network has experienced a significant decline as buyers have largely stayed on the sidelines.
The Pi Coin (PI) token initially soared to nearly $3 following its mainnet launch in February, but it has since undergone a drastic sell-off, leading to a current price of $0.7925, resulting in substantial losses for investors.
There are three primary factors contributing to the drop in the Pi Network price this year. Firstly, although the mainnet launch was exceptionally successful, it has not been listed on most mainstream exchanges.
The most notable exception is Binance, the largest cryptocurrency exchange globally. In a poll conducted by Binance in February, over 85% of participants expressed a preference for listing the coin.
Other well-known exchanges like Coinbase, Bybit, Kraken, and Upbit have also refrained from listing the Pi Network. Bybit’s CEO has labeled Pi Network as a scam, a claim that developers have firmly denied.
On a brighter note, some of these exchanges are anticipated to list the token later this year. Pi has emerged as one of the top cryptocurrencies, boasting a market cap exceeding $8 billion.
A listing on these platforms could significantly elevate its price. For instance, the price of the Orca token surged by over 200% upon its listing on Upbit, South Korea’s largest exchange.
The decline in the Pi Network price is also attributed to impending dilutions as token unlocks increase. Data indicates that Pi tokens valued at millions will be released each month, with over 1.6 billion tokens scheduled for unlocking in the next twelve months. Such unlocks dilute the holdings of current investors.
Additionally, the Pi coin price has fallen due to the broader ongoing downturn in the cryptocurrency market. Bitcoin (BTC) and most altcoins have plummeted in recent months amidst concerns regarding Donald Trump’s tariffs.
Pi Network Price Analysis
The four-hour chart indicates that the Pi Network price has faced a sharp decline in recent weeks, with buyers remaining inactive.
On a positive note, there are indications that the sell-off is losing steam. This is reflected in the Average Directional Index (ADX), which has dropped to 15 from last month’s high of around 60. The ADX quantifies the strength of a trend.
Moreover, the BBTrend indicator has established a bullish divergence pattern, assessing the gap between the upper and lower bands of the Bollinger Bands.
Simultaneously, the two lines of the falling wedge pattern are approaching their confluence point. A wedge formation is regarded as one of the most bullish reversal patterns in technical analysis.
Consequently, it is likely that the price of Pi Coin will experience a robust bullish breakout in April, with the next target set at $1.7980, representing a 127% increase from the current level.