Pi Coin Plummets 50% in 30 Days, Faces Further Decline

Pi Coin (PI) has experienced a significant decline in value, losing nearly half of its worth over the past 30 days. This downward trend has been particularly pronounced since early March, with the token making multiple lower lows and showing signs of further decline. Technical indicators suggest that if the negative momentum continues, Pi could drop to $0.50.

Despite the recent price increase of 4.7%, which brought the token to $0.8261, the overall sentiment remains bearish. The innovative mining model of Pi Network, which allows users to earn PI tokens by securing the network with their smartphones, has not been enough to counteract the negative publicity surrounding the project. Renowned figures in the crypto space have labeled Pi Network as a scam, further depressing its price and market capitalization, which has plummeted from a peak of $19.4 billion to $5.6 billion.

Technical analysis of Pi Coin's hourly chart reveals a concerning pattern. The token has been breaking support levels approximately every three days. On Wednesday, Pi Coin found support at around $0.76 per token and bounced off this level twice within hours, pushing the price to $0.8224. However, a trend line break was rejected a few hours later, indicating potential for further decline. The Relative Strength Index (RSI) has sent a sell signal, and the MACD's histogram has posted its first negative reading, suggesting that short-sellers may continue to dominate the market.

If the price action breaks below the $0.76 level, the downtrend is likely to accelerate, potentially leading to double-digit price drops. This bearish outlook is supported by historical data, where similar breakouts have resulted in significant price declines. The negative momentum and technical indicators suggest that Pi Coin could fall below $0.10 this week, barring any unexpected positive developments.