Pi Network (PI) Has Plummeted Heavily in March, Trading at $0.70 Amid Bearish Market Sentiment

Analysts debate whether the token, still down 90% from its peak, can recover or sink further. With fading hype around its Mainnet launch and dwindling miner activity

Pi Network (PI) token price has plummeted heavily in March, trading at $0.70 amid bearish market sentiment.

After losing over 90% from its peak, the token faces an existential threat as hype around its Mainnet launch fades and miner activity dwindles.

While several analysts are debating whether the token can still manage to recover or not, it seems that the crypto faces an uphill battle.

Pi Network: A Deeper Look

The decline in the price of Pi Network can be attributed to stalled ecosystem growth and miner sell-offs. More than 60% of PI’s outstanding supply is held by early miners, many of whom are now selling off their tokens following the underwhelming Mainnet launch.

While there are hopes for regulatory clarity like that seen with Ripple, which could boost the token’s value, PI still lacks the institutional backing needed for a sustained rally.

A falling wedge pattern is forming on the weekly chart, suggesting that a breakout could be on the horizon. However, the low trading volume and lackluster interest from major institutions pose challenges.

To recover, PI needs to reclaim the key resistance level at $0.76, which stalled two attempts at a rally in March. Until then, skepticism towards the token’s recovery is likely to persist.

Alternatively, PI’s oversold RSI reading of 28.6 and observations of whale wallets accumulating the token offer contrarian optimism.

If Bitcoin manages to stabilize, PI could rebound to $5, which aligns with its 200-day Simple Moving Average (SMA).

However, bearish divergence in the Moving Average Convergence Divergence (MACD) warns of further downside potential. A break below the psychological support at $0.68 might trigger panic selling, pushing PI towards $0.50.

With no major partnerships or exchange listings announced, the fate of Pi Coin rests on technical analysis and the broader market trends.