On March 21, Pi Network saw a crash, and Pi price fell under $1. This coin reached as low as $0.87 yesterday; however, since then, it has recovered
The price of Pi token has decreased by nearly 41% in the past week, reaching as low as $0.87 yesterday. However, the token has since recovered slightly and is currently trading at $0.9913. As such, bearish sentiment is increasing, and some investors now fear a break below the $0.60 support level, which can be seen in the green zone on Chart 1. Should this happen, we can expect even more downturns and further Pi price decrease.
Most of the popularity of the Pi token can be attributed to its mobile app and community. However, after unfortunate developments and miscommunication from the Pi network, the community’s excitement has soured. Based on the community’s bearish sentiment, this downtrend comes after Binance refused Pi token listing despite it being approved by Binance’s community vote. It’s important to note that this vote only includes on-chain currencies. Additionally, the confusion caused by the lack of a cohesive roadmap for the project has also contributed to the crash.
Adding to the mounting problems, some influential figures have voiced doubts and criticisms about this project. For example, the founder of CyberCapital, Justin Bons, argued that Pi’s mining process and tokenomics show serious problems. He also stressed how this project is now fully centralised, and even the most common functions are locked behind KYC. He ended his critique by calling the Pi project an investment scam. However, a Pi-affiliated crypto expert, Dr. Altcoin, came to the defence of the Pi Network, claiming that after years of collaboration, he does not see any proof of Pi being a scam.
Chart 1 – provided by Behdark, published on Tradingview, March 22, 2025
According to Chart 1, as long as the token is trading under $1, it will continue testing support levels. If the Pi coin manages to stay above the $0.82 support, it has a chance to rebound above $1. However, a fall below this could lead to the token’s consolidation under the $0.7 point in the green zone. Additionally, the Pi price decrease can continue till the token reaches the bottom of the green zone, $0.60. If the sentiment keeps its bearish status quo, the value could fall even lower than $0.3 point.
On the other hand, the stochastic RSI technical indicator shows that Pi is currently oversold. This condition signals a possibility of reversal from a bearish price trend to a bullish one. As per historical data, consolidation in the oversold condition can lead to a rebound in the short-term price movement. However, to continue this bullish movement, the Pi price momentum needs to break the $1.02 resistance. Additionally, breaking the $1.19 to $1.24 resistance level is also necessary if Pi is to reach its post-crash value.
An upcoming development for the Pi Network is the token unlocking event, which will likely increase selling pressure. However, the Pi network has implemented some measures to keep the Pi coin supply low. One such measure is the burning of unclaimed Pi tokens, which could come from accounts that have not gone through the KYC process. Estimates suggest that more than 528,671 Pi coins have already been burned till now. This deflationary burning mechanism can help in stopping any further Pi price decrease. Additionally, a Pi token listing on another big exchange can also flip the sentiment to bullish.
