Pi Network price has slumped hard in the past few months and is now hovering near its all-time low. At the moment, it was trading at $0.1277, a few points above the all-time low of $0.1185. Therefore, the question among many pioneers is whether the Pi Coin will recover or continue to fall.
Why Pi Network Price Has Crashed
There are a few reasons the Pi Coin price has crashed this year, despite the team implementing major upgrades. For example, they are in the process of implementing a major network upgrade that will introduce smart contracts and make it quantum-resistant. This upgrade will make it easier for developers to launch new dApps, thereby boosting the utility of the Pi Coin.
Pi Network’s ecosystem has also expanded this year. For example, CiDi Games recently launched games in the ecosystem that have become highly popular among gamers. Data show that these games have been played millions of times within a few weeks of their launch.
Most recently, the developers created a way to boost Pi’s utility by enabling vibe coders to launch applications on the ecosystem. For example, a vibe coder on a platform like Claude, Cursor, Lovable, and Replit can move the app to Pi and gain access to millions of users.
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Pi Network has also crashed despite its March listing on Kraken. OKX, one of the mainstream exchanges that listed it, has also expanded its offerings in the United States.
Still, despite these developments, the Pi Network price has crashed for several reasons. The crash aligns with the ongoing crypto market downturn that has affected Bitcoin and most altcoins.
The decline can also be attributed to consistently low investor demand. For instance, the 24-hour trading volume was only $7.9 million, which is relatively small for a cryptocurrency project valued at over $1.3 billion. Additionally, the token’s value has decreased due to a continuous increase in supply resulting from its token unlocks.
Pi Coin Price Technical Analysis: Will it Rebound?
The daily chart shows that the Pi Network Coin has plunged in the past 16 months. This retreat has led to at least $19 billion in losses as the circulated and diluted market capitalization have tumbled.
The token has remained below the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud. It is now hovering at a key support level that coincided with the lowest swing in February this year.
Therefore, the path of least resistance for the Pi Coin price is downward, with the next key target to watch at $0.10. In the long-term, however, the coin will likely rebound as investors buy the dip in the crypto industry.
