Pi Coin Drops 2% Amid Bearish Momentum, Trading Near Record Low

Pi Coin, the cryptocurrency associated with the Pi Network, has been experiencing a significant downturn, with its price edging lower by 2% on Tuesday. This decline comes despite the broader altcoin market being buoyed by Bitcoin's recent record high levels. The bearish momentum has been building for Pi Coin, which has been on a consistent downtrend since failing to sustain above $0.6500 in late June. As of the latest data, Pi Coin is trading near $0.4507, nearing its record low.

Market sentiment around Pi Coin has remained weak, with the Relative Strength Index (RSI) stuck deep in bearish territory, suggesting that sellers are firmly in control. The lack of any signs of reversal reinforces the risk of continued losses. Adding to the negative outlook, the Ichimoku Cloud remains positioned above the price action, a classic indication of persistent downward momentum. The current chart structure shows no bullish support, with the altcoin appearing highly vulnerable to further drops.

If Pi Coin slips below the $0.45 mark, a retest of $0.40 could be imminent. Breaking that support might pave the way for a new all-time low. On the flip side, a bounce from current levels could push the price back toward $0.49–$0.51, but any recovery would first need to overcome these resistance points to break the prevailing downtrend.

The bearish trend in Pi Coin is primarily driven by its expanding supply, which has weighed heavily on its price. According to analysts' forecasts, Pi Network is expected to trade within the $0.40–$0.52 range through July 2025. This forecast takes into account the continued bearish sentiment and low trading volume that have been characteristic of the Pi Coin market. The downward pressure on Pi Coin's price is further exacerbated by the broader crypto market's bearish signals, with the total crypto market cap falling by 5% and Bitcoin down nearly 2% over the past 24 hours.

Despite the current bearish outlook, some analysts predict that if the trend continues, Pi Network may surpass its critical $3 resistance level this summer, setting a new record above February's all-time high of $2.99. However, this prediction is contingent on a reversal of the current bearish momentum and an increase in market sentiment. The expanding supply of Pi Coin remains a significant factor that could continue to weigh on its price in the near term. Investors and traders will be closely monitoring the developments in the Pi Network and the broader crypto market to gauge the potential for a reversal in Pi Coin's fortunes.