Pi Network’s PI Hits Monthly Low: Breakdown or Breakout Coming?

TL;DR

• Pi Network’s native token, which launched just over a month ago, continues to bleed out, dumping toward $0.8 earlier today.
• Analysts on X envision further declines for the asset despite reassurance from the Pi community. However, there’s also a light at the end of the tunnel.

PI Keeps Plunging

After years of development, delays, and controversy, the project’s Open Network and token went live on February 20. Given its substantial community size, the PI coin saw increased interest at first, with its price going up and down for several days. It seemed as if the bulls were in charge at the end of February, though, as PI shot up to $3 to mark an all-time high.

However, it has been all downhill since then. Earlier today, the asset plunged to $0.8 (on OKX), which became a monthly low. This meant that its valuation has decreased by over 72% since its peak registered less than a month ago. Moreover, PI had neared the largest 10 alts by market cap during its peak, but it’s now struggling to remain within the top 30.

Crypto analysts on X don’t see too much hope for PI’s short-term price movements. MOON JEFF told his thousands of followers that the asset could slump to $0.6 as that’s the only support left. However, he noted that it could bounce off from that level and surge to fresh peaks at $5.

https://twitter.com/CRYPTOAD00/status/1904493319985537101?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Andrew Griffiths was slightly more optimistic, predicting a drop to just $0.75. Moreover, he believes this could become a proper buying opportunity due to the creation of a Falling Wedge Pattern.

Hope or Desperation?

Pi News, an X channel linked to Pi Network, has continuously posted updates regarding the project’s developments and partnerships. Lately, it has talked about PI’s price movements and recently noted that it might head north soon, but people need to ‘participate in the construction of the PI ecosystem.’

While some users saw it as a hopeful statement, others believe it’s an act of desperation.

https://twitter.com/PiNewsMedia/status/1904528750206972124?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

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