Pi Network (PI) Price Drops 20% as Investors Call for Leadership Changes

Pi Coin’s trading volume has also plummeted, reflecting waning investor confidence. The token’s decline continues despite the Pi Core Team’s announcement of high

The price of Pi Coin (PI) has dropped by about 20% over the past week, increasing concerns about its ability to sustain critical support at $0.60.

The token’s decline continues despite the Pi Core Team announcing high participation in the inaugural PiFest event, which saw over 125,000 sellers, more than 58,000 active sellers, and 1.8 million Pioneers using the Map of Pi feature.

Declining Engagement Despite PiFest Participation

However, despite these figures, many in the community remain skeptical about the event’s impact on Pi Network (PI) trading.

Dr. Altcoin, a prominent community member, expressed concern over the declining activity within the ecosystem.

“Since PiFest started, trading in the ecosystem has been at its lowest. The only trade happening is selling PI for cash. But on average, only 100-200 PI are being sold per day. At this rate, it will take 100 years to clear out the 100,000 PI that people are holding.”

He added, “The Pi Core Team is living in their own world, out of touch with the realities of the average Pi holder.”

Communication Issues and Leadership Concerns

Another major criticism leveled at the Pi Core Team is their lack of transparent communication. Many users feel that the monthly updates are insufficient and fail to address critical issues.

This includes the pending mainnet launch, exchange listings, and long-awaited KYC resolutions.

A growing faction within the community is now calling for a leadership change. They argue that new leadership with a deeper understanding of cryptocurrency markets and community management could help restore faith in the project.

Some members have also suggested a decentralized governance model to improve transparency and decision-making.

Mining Rate Reduction Adds to Investor Concerns

Adding to the uncertainty, the Pi Network’s base mining rate has dropped again. This month, it fell by 1.18%, decreasing from 0.0028786 π per hour to 0.0029030 π per hour.

This reduction aligns with the project’s long-term strategy for gradually decreasing the mining rate. However, it has raised concerns among miners who see diminishing incentives over time.

Some investors speculate that the lower mining interest is an indication of the Pi cryptocurrency’s decreasing value and lack of major exchange listings.

While rumors of Pi Network Binance (BNB) or Coinbase (NASDAQ:COIN) listings persist, no official confirmations have been made. Recently, BTCC added Pi for spot trading on July 20, but this development failed to generate any significant upward momentum in the Pi token price.

Technical Analysis: Will Pi Coin Price Hold $0.60 Support?

The technical analysis of the Pi Coin market indicates a strong potential for a steeper decline in the coming days. The token is currently forming a falling wedge pattern, which is a bearish technical formation.

The price of the token is approaching the next crucial support level at $0.60. A breach of this level could lead to a steeper decline, potentially pushing the token to test its all-time low of $0.6152.

Relative Strength Index (RSI): The RSI is approaching the oversold territory, which could limit any further immediate weakness. However, the MACD indicator is rapidly losing momentum, signaling a potential slowdown in the bullish trend.

The technical indicators suggest that the Pi Network Coin price is struggling to maintain stability despite the recent efforts to push it higher.

Trading volumes have decreased significantly by 52% to $148 million, and momentum indicators are showing a decreasing strength in the buying pressure.

If the sellers manage to sustain the price below the $0.60 support, it could trigger additional selloffs, placing the token at risk of continuing its downward journey to test the Fib 0.618 level at $0.53.

Conversely, a breakout above the $0.71-$0.72 resistance zone with substantial volume could be critical to reverse the token’s downward trajectory. Such a move might propel the Pi token to rally toward the $0.75-$0.78 resistance levels, where key Fibonacci resistance levels are located.

Future Prospects: Can Pi Network Regain Momentum?

Despite the ongoing difficulties faced by the Pi Network project, several market experts believe that the price of the Pi crypto still has potential for recovery in the long term.

If the Pi Network succeeds in obtaining listings on large exchanges like Binance or Coinbase and improves transparency to engage community members, it is possible for the token to reach price levels of $3 and more in the future.

However, the short-term outlook for the Pi Network remains uncertain. The community is becoming increasingly impatient with the lack of progress and the perceived disconnect between the Pi Core Team and the concerns of the