Pi Coin Drops 3% in 24 Hours, Tests $0.58 Support

Pi Coin (PI) has experienced a decline in value, dropping below the $0.60 mark and recording a 3% decrease over the past 24 hours. Over the past 30 days, the token has seen a 15% decline, making it one of the few major cryptocurrencies to trade in the red this month. This downward trend has sparked concerns among holders, but some traders are viewing this dip as a potential buying opportunity. Since mid-April, Pi Coin has been trading within a narrow range between $0.59 and $0.67, and with the current price testing the lower boundary at $0.58, there are risks of further downside if it breaks below this support level.

The community is abuzz with the question of whether Pi Coin can regain its value and climb back to $3. Despite the recent price pressure, there are several positive developments that have stirred excitement among Pi supporters. BitMart has resumed trading for Pi Coin, which is expected to bring much-needed liquidity to the market. Additionally, Banxa, a fiat-to-crypto payment platform, is reportedly creating thousands of new accounts, indicating growing interest in Pi. HTX, formerly known as Huobi, is also hinting at potential future support for Pi Coin on its platform. Furthermore, Pi Network founder Dr. Nicolas Kokkalis is set to be a keynote speaker at the Consensus Summit in Toronto in May 2025, a significant event for the global crypto industry.

Crypto influencer Dr. Altcoin suggests that these updates could signal bullish momentum for Pi’s price outlook. The market is now closely watching whether Pi Coin can maintain its support at $0.58 or if these positive signals can ignite the next rally. The resumption of trading on BitMart and the creation of new accounts on Banxa are seen as encouraging signs for the future of Pi Coin. The upcoming keynote speech by Dr. Nicolas Kokkalis at the Consensus Summit is also anticipated to bring further attention and potential support to the Pi Network.