title: Pi Network (PI) Coin Price Dropped Further

Pi Network coin price dropped further on Monday, losing by 8.2% at the time of writing to trade at $0.565. The coin has failed to live up to the hype

The price of Pi Network (PI) coin dropped further on Monday, losing by 8.2% at the time of writing to trade at $0.565. The coin has failed to live up to the hype that brought it prominence in the crypto market, losing 27% in the last week and 68% in the last month. Nonetheless, it is still up by 464%, barely two months after its first exchange listing.

Pi Network community is among the most in the cryptosphere, with most Pi coin holders having held it for years despite several postponements of the mainnet launch.

This sentiment provides support for the coin and will likely help it resist breaking below the $0.500 mark. In addition, many investors are still optimistic that the Pi Network ecosystem has the potential to disrupt the crypto market, thanks to the attractive design and functionality of its applications.

However, two key failures have exposed the Pi Network coin to scrutiny and criticism. First, the impact of the much-hyped adoption of Pi Coin by over 27,000 merchants has yet to be seen and felt. Secondly, after the high-profile listing by OKX, the Pi Core Team has failed to convince more Tier 1 exchanges to list the coin. That includes Binance, which has seemingly ignored the 86% votes cast by its community in support of listing PI on the exchange.

In addition, Bybit has outrightly stated that it will not list the coin, with its CEO describing the project as a “scam”. These factors have resulted in a bearish sentiment, limiting the coin’s upside potential.

Pi Network Coin Price Prediction

Pi Network Coin pivots at $0.608 and resistance at that level favours the sellers to be in control. The downside will likely establish the first support at $0.562. A stronger momentum will break below that level, and set the next support at $0.527.

Conversely, going above $0.608 will shift the momentum to the upside. With the buyers in control, the upward momentum will likely meet the first resistance at $0.641. The downward thesis will be invalid if the price breaks below that level. In addition, an extended control by the sellers could take the action higher to test $0.680.