Pi Network’s Cryptocurrency PI Drops 69% in April

Pi Network’s cryptocurrency (PI) has experienced a significant decline, reaching a new monthly low of $0.5376 on April 4. This drop represents a 69% decrease from its peak in March, raising concerns among investors about the token's recovery prospects. The price decline coincides with broader market challenges and internal issues that continue to affect the project.

Technical indicators provide mixed signals about PI’s short-term price movement. The Relative Strength Index (RSI) has fallen below 20 on hourly charts, indicating that the cryptocurrency is in oversold territory. Historically, such conditions have often preceded temporary price rebounds. However, the Chaikin Money Flow (CMF) currently sits at -0.23, suggesting that selling pressure remains dominant, with more capital flowing out of the token than entering. The Ichimoku Cloud on the hourly chart also hovers well above candlesticks, confirming the strength of the bearish trend.

Any potential rebound in PI’s price faces strong resistance near the $0.6817 to $0.6915 range. This zone previously served as support but has now transformed into resistance following the recent downturn. Without a significant catalyst, PI may struggle to break through established resistance levels.

One factor potentially limiting PI’s recovery is its absence from major cryptocurrency exchanges. The project was not included in a recent vote to list program, which currently focuses only on specific projects. Without listings on platforms like Binance or Coinbase, Pi Network faces hurdles in attracting new investors. This absence suggests the price may struggle to maintain upward momentum unless it secures new exchange partnerships.

The broader cryptocurrency market environment also presents challenges. Investor risk appetite remains low to moderate, with many preferring less volatile assets over cryptocurrencies like PI. Global economic factors, including trade disputes, contribute to pressure on the crypto market. These macroeconomic instabilities affect PI alongside other digital assets.

The Pi Core Team faces increasing pressure from the community. Many network participants believe leadership has become disconnected from issues affecting the project. Despite participation from over 125,000 sellers in a recent event, community members express frustration over several ongoing problems. These include mainnet delays, slow Know Your Customer (KYC) verification processes, and the absence of major exchange listings.

Critics argue that the Pi Core Team should increase transparency in their communications. Monthly updates are described by some as artificial and failing to address key community concerns. Some community members have recommended decentralizing the decision-making process to enhance accountability. Questions about the team’s readiness to manage an open mainnet have grown louder as the project faces its most challenging period since launching in 2019.

Internally, Pi Network struggles with slow feature releases and concerns about mainnet readiness. Critics point to leadership challenges in handling the project’s growth since its 2019 inception. Limited access for third-party developers remains another pain point. Restricted developer access hinders ecosystem growth and innovation, factors considered crucial for long-term success.

Despite positive statements from figures, the community’s complaints center on transparency issues, KYC integration pace, and developer access limitations. These internal factors, combined with market conditions, may hinder PI’s full recovery in the short term. If Pi Network can successfully address these concerns and secure listings on major exchanges, its prospects might improve. Until then, any price rebounds may prove temporary rather than marking sustained recovery.

Without significant changes to project fundamentals or market conditions, analysts suggest PI could potentially drop further to test the $0.50 level in the near term.