Over the past month, the PI Coin price has plummeted by more than 61%, with its value dropping nearly 18% in the past week alone. As of now, the Pi cryptocurrency is trading at around $0.55, a sharp fall from its February high of $2.99.

The ongoing market downturn and increased token supply appear to be key factors driving the decline. The crypto market as a whole has been under pressure, with external economic conditions such as rising inflation and geopolitical uncertainty contributing to the bearish sentiment.

Pi Coin’s Struggle: From $2.99 to Under $0.60

Pi Coin, which launched its mainnet phase in February, initially saw a strong rally, reaching its all-time high of $2.99. However, since then, the Pi currency value has collapsed by more than 80%, raising concerns about its long-term viability.

Pi Network (PI) price was hovering around $0.54, down 13.75% in the last 24 hours at press time. Source: Brave New Coin

Adding to its troubles, the Pi Network market capitalization has plunged from nearly $20 billion to just around $4.5 billion. The decline in the Pi Coin market suggests waning investor confidence, particularly in the absence of major exchange listings that could provide liquidity and price stability.

Will Pi Coin Recover? Indicators Suggest More Losses

Technical indicators do not point to an imminent recovery for the Pi Network Coin. The MACD (Moving Average Convergence Divergence) remains in bearish terrain, with the signal line dominating the MACD line, indicating continued negative momentum. Similarly, the Relative Strength Index (RSI) has dropped to 32.03, near the oversold zone, which indicates that selling pressure remains in charge.

Pi Network Coin price risks breaking below the $0.50 critical support following the ongoing bearish trend. Source: DEXWireNews on TradingView

The Pi Coin price is now trading above the critical $0.65 support. Its breakdown below this point could send the Pi token price lower to $0.61, its previous all-time low. If support fails at $0.60, analysts predict a drop to as low as $0.40 by May and possibly $0.30 by July.

Binance Snub Hits Pi Coin Hard

The Pi Network community faced another setback as Binance once again excluded Pi Coin from its “Vote to List” initiative. This exclusion has fueled frustration among Pi Network supporters, who believe the coin is being overlooked despite its strong community engagement. Instead, Binance has chosen to list other tokens, including Virtual Protocol, Big Time, and Morpho, leaving Pi crypto enthusiasts questioning the selection criteria.

While Binance remains silent, Coinbase’s CLO Paul Grewal fueled speculation of a $PI listing with a Pi-themed tweet. Source: The Times of Pi Network via X

Meanwhile, hopes are now pinned on a potential Coinbase listing. On March 14—Pi Day—Coinbase’s Chief Legal Officer, Paul Grewal, hinted at interest in Pi Network, stating, “We take Pi Day very seriously at Coinbase.” If Pi Network secures a listing on Coinbase, it could provide the necessary liquidity boost to help Pi cryptocurrency recover toward the $1 mark.

Pi Network Mining Declines, Community Frustration Grows

The Pi Network ecosystem is also witnessing a drop in mining activity, with the base Pi mining rate decreasing by 1.18% this month to 0.0029030 π per hour. This decline reflects growing disillusionment among users, many of whom expected higher utility and exchange accessibility for their Pi wallet holdings.

Community sentiment has soured further due to communication issues from the Pi Network core team. While PiFest, a recent initiative promoting Pi’s real-world utility, saw participation from over 125,000 sellers, some Pi holders remain unimpressed. Critics argue that the core team has failed to address fundamental concerns such as liquidity, exchange listings, and long-term economic viability.

Where Does Pi Coin Go from Here?

As April unfolds, the Pi Network trading landscape remains uncertain. If Pi Network manages to secure a major exchange listing, it could experience a short-term price boost. However, if exchange listings continue to be delayed, Pi crypto value may remain suppressed under selling pressure and increasing token unlocks.

PI Coin faces intense selling pressure with no key support ahead, risking another 20-40% drop as early investors keep offloading. Source: Crypto_Jobs via X

With 233 million Pi tokens set to be unlocked in July, concerns are mounting over potential oversupply in the market. Unless demand picks up significantly, the Pi cryptocurrency value could face further declines in the coming months.

For now, Pi Coin holders remain in a waiting game, hoping that either a major exchange listing or a broader crypto market rebound will provide some relief to the struggling asset.