Pi Network's Token Price Drops 69% to $0.5376, Oversold Conditions Signal Potential Rebound

Pi Network’s token (PI) price has been on a downward trend, hitting a new monthly low of $0.5376 on April 4, down 69%. This continues a sharp PI price decline from the March peak, sparking concerns among investors. However, technical indicators suggest a potential rebound in the short term, although broader challenges may limit any significant recovery.

The Relative Strength Index (RSI) for Pi Network’s coin has dropped below 20, signaling oversold conditions on the hourly chart. Typically, when the RSI falls into this region, a short-term price rebound may follow. Historical trends in the market show that such oversold conditions often lead to temporary recoveries. Any rebound in PI price is expected to face strong resistance near the $0.6817 to $0.6915 range. This level was once support but has now turned into resistance due to the price’s recent downturn. A break above this resistance would likely trigger a stronger rally, although the broader market environment might still limit the scope of any recovery.

In addition to the RSI, the Chaikin Money Flow (CMF) is currently at -0.23, indicating negative money flow. This suggests that selling pressure remains dominant, and there is more capital flowing out of the token than entering. Although the technical analysis shows that Pi Network is highly likely to bounce from the current levels, factors in the broader market may halt a recovery for Pi Network. Currently, investors’ risk appetite is relatively low to moderate and most of them prefer to invest in less-risky assets than investing in other cryptocurrencies including the Pi currency. Moreover, the protracted trade dispute between the United States and the rest of the world as well as the general macroeconomic instability also contributed to the pressure on the crypto market.

From within, Pi Network still suffers with a number of problems such as slow feature releases and doubts about its preparedness for the mainnet release. Some of the critics of the Pi Core Team include that the leadership cannot handle the increasing challenge of the project that has been expanding over the years since 2019. PiDaoSwap has voiced frustration over the delayed and dragged-out KYB process, even though their platform is already fully developed. This painful slowdown isn’t just affecting pioneers (with KYC approvals and mainnet migration)—it’s hitting the very ecosystems trying to build on. The internal factors coupled with other market conditions might hinder Pi Network full recovery in the short run. Despite the positive outlook given by Craig Steven Wright and others, the community constantly complains about the lack of transparency, slow pace of the KYC integration, and the restricted access for third-party developers. Until these issues are fixed, even if the prices have recovered, it may only be a temporary phenomenon.

The overall market activity of Pi Network has been steadily rising and has now taken a promising turn. However, there is one disadvantage that may have an impact on the increase in optimism – the fact that Pi Network has not been included in the Binance Vote to List. Currently, in the second stage of voting, Binance is allowing only projects related to BNB coin to vote. Without a listing on major platforms like Binance or Coinbase, Pi Network could continue to face challenges in attracting new investors. This absence from large exchanges suggests that PI price may struggle to maintain upward momentum in the coming weeks unless it secures new listings or makes significant progress with its platform.

The members of the Pi Core Team are under pressure from the Pi Network community. Most people think that the leadership is out of touch with happenings within the network. Although over 125,000 sellers took part in the PiFest event some members of the community feel that the Core Team fails to respond to some profound issues such as mainnet delays, slow KYC, or the absence of listings. One of its critics has been claiming that the Pi Core Team should start with the transparent disclosure of information, as the monthly updates now look artificial and do not reflect the key issues the communities face. Some of the recommendations that have been made regarding the project include decentralizing the decision-making process to enhance accountability.