Pi Coin Drops 20% to $0.70 Amid Miner Sell-Offs

Pi Network's native cryptocurrency, Pi Coin, has experienced a significant decline, dropping to $0.70. This collapse has raised concerns about the coin's future trajectory, with analysts debating whether it can rebound to $3 or if it is destined to fall below $0.68. The price action of Pi Coin remains uncertain, with key support levels at $0.68 and resistance at $0.76. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest potential bearish trends, but there is also a possibility of a bullish breakout.

The decline of Pi Network can be attributed to stalled ecosystem growth and miner sell-offs. Over 60% of PI’s supply is held by early miners, many of whom are now offloading tokens due to disappointment with the Mainnet launch. Bullish hopes for Pi Coin hinge on regulatory clarity, similar to what Ripple has experienced, but Pi lacks institutional backing. A falling wedge pattern on the weekly chart hints at a potential breakout, but the volume remains weak. For Pi Coin to recover, it must reclaim the resistance level, which has crushed rallies twice in March. Until then, skepticism dominates the market sentiment.

On the other hand, Pi Coin's oversold RSI of 28.6 and whale wallet accumulation signal contrarian optimism. If Bitcoin stabilizes, Pi Coin could rebound to $5, aligning with its 200-day Simple Moving Average (SMA). However, bearish divergence in the MACD warns of further downside. A break below $0.68—a psychological support—might trigger panic selling toward $0.50. With no major partnerships or exchange listings announced, Pi Coin’s fate rests on technical indicators and broader market sentiment.

Key resistance and support areas are shown on the Pi Network M15 time frame chart. Rejection around the resistance of $0.76 and $0.78 has caused the price to fall. At $0.68, a possible support region, which formerly served as a reversal area, the current price is $0.7111. At 39.97, the Relative Strength Index (RSI) shows bearish momentum but not yet in the oversold area. Indicative of some minor bearish crossover, the MACD points to possible short-term downside action.

Price recoveries resulting from two previous oversold levels identified by RSI suggest that a potential rebound could happen should the price approach the support level close to $0.68 once more. Not holding support, however, can result in more setbacks. If the price rises, it has to break the $0.76 resistance to validate bullish momentum. For possible reversals or more bearish development, traders should watch RSI and MACD data.

Pi Network’s price action remains uncertain, with key support at $0.68 and resistance at $0.76. Technical indicators like RSI and MACD suggest potential downside, but past oversold conditions have triggered rebounds. If buyers step in near support, PI could attempt a recovery, targeting $0.76 or higher. However, failure to hold above $0.68 may accelerate losses. Broader market sentiment and volume trends will dictate the next move. Traders should watch for confirmation signals before taking positions in either direction.