Pi Network (PI) Has Been Trapped in the Wider Crypto Market Bearish Outlook

The Pi team has struggled to keep the network vibrant following the hyped token generation event and the notable pushback from top-tier centralized exchanges

The price of Pi Network (PI) has been battered in the broader crypto market downturn, with the mid-cap altcoin now trading at about $0.72 during the early Western financial market hours on Monday, March 31. The token is down over 68 percent from its all-time high (ATH) of about $2.99, which it hit on February 26.

Pi Team Encounters Major Headwinds

The Pi team has struggled to keep the network lively following the hyped token generation event and the notable pushback from top-tier centralized exchanges, such as Bybit. The team has attempted to publish several network updates, but none has to date galvanized any bullish momentum.

Late last week, the Pi team announced an update on mainnet migration and account verification. The team disclosed that it has shifted from relying mainly on phone numbers to using email-based two-factor authentication (2FA) verification.

What Next For Pi Price?

Since its ATH, Pi price has been trapped in a falling trend, characterized by lower lows and lower highs in the 4-hour and daily timeframes.

From a technical analysis standpoint, PI price is currently retesting the last major support level of around 72. A consistent breach of the current support level will result in a renewed selloff in the coming weeks.

A potential rebound from the current support level will kickstart a fresh bull rally toward a new ATH. However, the accelerated PI coin selloff, by the early adopters in the past six years, has heavily weighed down on possible bullish sentiment in the near term.

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FAQs

A rebound from current support could spark a rally toward a new ATH, but the recent sell-off by early adopters may hinder bullish momentum.

Binance excluded Pi as it isn’t on the Binance Smart Chain, making it ineligible for a listing vote.

Pi Coin remains volatile; a recovery above $1 may signal bullish momentum, while further drops could pose risks.