Pi Network Seems to Be Losing Ground as Pi Coin Price Continues to Face Strong Selling Pressure

Pi Network seems to be losing ground as Pi Coin price continues to face strong selling pressure, dropping another 4% and slipping under $0.70.

Pi Network's journey continues with a 4% drop in Pi Coin price, slipping below $0.70. This downward pressure on the token is evident, especially as the PI trading activity within the ecosystem also declines, suggesting a rapid decrease in investors' enthusiasm.

Additionally, the recent occurrence of PI token unlocks over the past week has contributed to a negative sentiment.

Despite announcing record participation for the inaugural PiFest on the Open Network, with over 125,000 registered sellers—including more than 58,000 active sellers—and 1.8 million Pioneers utilizing Map of Pi, the community doesn't appear to be pleased.

Highlighting Pi’s real-world utility across the globe, the Pi Core team attests that the event saw an overwhelming response from the community.

However, Dr. Altcoin, a member of the community, noted the lack of activity in the Pi trading activity in the Eco-system. Since the PiFest started, the only trade was selling Pi for Cash.” Further slamming the core team, Dr. Altcoin stated that the Pi co-founders “seem out of touch with the realities of the everyday Pi Community”.

Other community members have also slammed Pi Core Team’s communication approach, stating that it has remained unchanged since the enclosed mainnet phase.

Critics like Dao world argue that the monthly updates are too predictable and insufficient for sustaining a large and engaged community. Community members are now advocating for a more transparent communication strategy, with calls for a new leadership figure who has a deep understanding of cryptocurrency.

This month, the Pi Network has adjusted its base mining rate downward by 1.18%, setting the new rate at 0.0029030 π per hour.

This adjustment continues the network's trend of gradually reducing the mining rate. Some members of the community speculate that the declining interest in mining may be linked to the low trading value of Pi on exchanges.

Despite earlier reports and anticipation, there has yet to be an official listing of the Pi Network on major crypto exchanges like Binance or Coinbase. However, BTCC exchange has added the cryptocurrency for spot trading.

The integration of Pi Network on BTCC will enable users to buy, sell, and trade the token in pairs with Tether (USDT).

However, this addition to the exchange's trading platform failed to generate any significant upward momentum for the Pi coin price.

Over the past seven days, the Pi coin price has experienced a setback of 20%, with the next crucial support levels set at $0.60.

Furthermore, the correction below $0.70 is accompanied by strong selling pressure, evident in the 52% decline in daily trading volumes to $148 million.

Currently, the Pi Network is forming a classic falling wedge pattern, testing the lower boundary at $0.687. A confirmed breakout with increased volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price towards $0.75–$0.78, where key resistance levels lie.

Some market analysts still hold onto the hope that the PI cryptocurrency could reverse its trajectory to reach highs above $3. However, our Pi Coin prediction for the month of April indicates that the token will continue to trade below the $0.60 mark.