Pi Network (PI) Coin Price Crashes 74% From ATH, Can It Reach $4 by May 4?

After hitting an all-time high of $2.99 in February, Pi Coin has since plummeted by nearly 74%, currently trading around $0.84.

Pi Network (PI) has dropped sharply from its all-time high of $2.99, which was hit in February. The coin is now trading at around $0.84, marking a decline of nearly 74% from its peak.

This steep downturn has naturally sparked concerns among investors, many of whom are wondering if a significant rebound is on the horizon, especially considering the coin has dropped below the key $1 support.

The Pi Network (PI) coin market cap has also taken a severe hit, plummeting from nearly $20 billion to approximately $5.35 billion. This sharp contraction over the past six months highlights the waning enthusiasm among traders and the persistent challenges Pi cryptocurrency faces in securing listings on major exchanges.

Pi Network (PI) coin price is rebounding from the trendline support of the bearish price channel. Source: bullstraders7 on TradingView.

One of the biggest hurdles Pi Network faces is the lack of listing on top-tier exchanges such as Binance (CRYPTO:BNB), Coinbase (NASDAQ:COIN), and Upbit. While Pi crypto is available on platforms like OKX, Gate.io, and Bitget, it remains absent from key marketplaces that could boost its accessibility and demand.

World-leading exchange Binance has yet to include Pi Coin, limiting its availability to the general market. Upbit is a major force in South Korea’s crypto exchange, a country that sees the Pi currency well-used. Being listed on Coinbase would similarly be significant, introducing Pi Coin to investors and traders in the U.S.

Another key driver of the price drop of Pi crypto is the future token unlocks, which will come with more than 1.6 billion new tokens being added to circulation over the next twelve months. The additional supply has caused panic selling by holders, further driving Pi Network (PI) trade prices down.

Technical Analysis: A Potential Rebound?

Despite recent setbacks, some analysts are forecasting that Pi Network (PI) will bounce back. Technically, Pi Network broke out of the falling wedge pattern, and typically, a breakout from such patterns is bullish.

If Pi Coin manages to maintain its current trendline as a support level, it will continue to move towards the next resistance level at $1.22. Should the momentum carry through, the next major target would be $1.50.

Pi Network (PI Coin) was trading at around $0.84 at press time. Source: TradingView.

Signals such as the Relative Strength Index (RSI) are showing that Pi Coin is oversold and thus due for a rebound.

Moreover, on-chain data reveals that a couple of significant investors have been scooping up Pi tokens as they are speculating in increased optimism about its future value.

Can Pi Coin Reach $4 by May?

Market predictions for Pi cryptocurrency value remain mixed. According to analysts at CoinCodex, Pi Network can rally up to 400% in the near term, potentially reaching an all-time high of $4.11 by May 4.

This prediction is based on several factors, including the recent drop in inflation, which bodes well for broader cryptocurrency markets. Additionally, several news articles and social media posts have touched upon the potential of Pi Network to gain traction among a broader audience.

This is consistent with historical price action and the possibility of broader-scale adoption in the Pi Network ecosystem.

Pi Network (PI) price needs to break the $1.05 resistance to regain a sustainable bullish momentum. Source: IcarusLu on TradingView.

For Pi Coin to achieve this lofty objective, several catalysts must occur. A Coinbase or Binance listing would go a long way to increase demand, and overall market sentiment can act as a backdrop for speculative purchasing. In addition, if Bitcoin (CRYPTO:BTC) keeps on appreciating, altcoins like Pi Network (PI) Coin can gain in terms of liquidity and investor demand.

The Road Ahead for Pi Network

While Pi Coin price has experienced a steep decline, its future remains in dispute. The project’s success will depend on adoption, exchange listing, and investor demand.

If Pi Network can overcome the difficulties it is now encountering and buy out primary trading exchanges, it will likely have a nice price bounce in several months.

However, investors should exercise caution as the market is still volatile. The recent price drop has underscored the risks associated with speculative tokens like Pi Coin.

Traders who are contemplating an entry should engage in thorough research and closely monitor market trends.

In summary, although Pi Coin faces several challenges, it also has potential drivers that could propel a strong rebound. Whether it can cross the $4 threshold by May remains to be seen, but the next few weeks will be crucial in determining its direction.