- Pi Network price has moved sideways since mid-March.
- The token's demand has waned, with the 24-hour volume falling to $12 million.
- It has formed a head-and-shoulders pattern, pointing to more downside.
Pi Network has gone nowhere in the past few days as demand worsened amid the ongoing Iranian war. It has also consolidated as investors waited for the next catalyst after the recent Pi Day event and Kraken listing. It remains down by over 45% from its March high and has formed a risky pattern.
Pi Network Price Has Ignored Some Major Updates
The Pi token has remained in a technical bear market this month, as third-party data shows demand waning.
According to CoinMarketCap, the token’s volume in the last 24 hours stood at $12.2 million, with most of it on OKX, which accounted for $2.23 million. Kraken, which listed it last month, recorded just $144k in volume, a sign that demand from American investors remains weak.
Pi Network price has also slumped despite some major news from the ecosystem. For example, the first round of validator rewards distribution ended earlier this month. In a statement, the developers noted that over 526 million validations were completed by over 1 million validators.
Over 18 million people have been verified during the ongoing KYC process. Based on this success, the team is preparing to launch a KYC-as-a-Service solution in the coming months. This will make it a competitor to other popular companies in the industry, like Humanity Protocol and Worldcoin.
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Meanwhile, Pi Network has continued with its core update, which will likely be completed in the coming month. The main benefit of this update is that it will introduce smart contracts to the network, enabling developers to build decentralized applications (dApps) across industries such as decentralized finance and real-world asset tokenization.
Pi has already launched the RPC server for this process, meaning that we could see usable applications in the ecosystem.
The challenge, however, is that the smart contract industry is now saturated, with popular chains like Solana, Ethereum, and BSC Chain accounting for the largest market share. Many chains that launch their smart contracts, such as IOTA, rarely do well over time.
Pi Coin price is also struggling as more tokens come online, with 224 million tokens being unlocked this month and 1.58 billion in the next 12 months. Token unlocks put more pressure on a coin, especially when there is no burning mechanism.
Pi Network Price Technical Analysis
The 12-hour chart shows that the Pi token price peaked at $0.2980 on March 13, when investors awaited the Kraken listing and Pi Day event.
It has erased some of these gains and is now hovering near its lowest level since the first week of March. The token has already slipped below the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) has continued falling.
While not well-defined, the token has formed a head-and-shoulders pattern and has moved below the Major S&R pivot point of the Murrey Math Lines tool.
Therefore, the token’s path of least resistance is bearish, with the next important target being its all-time low of $0.1284. A drop below that price will signal more downside, potentially to the Ultimate Support at $0.1.
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