The price of Pi Network tokens has experienced a significant decline after reaching its peak in March, dropping to a monthly low of $0.5376 on April 4.
This level indicates a dramatic 69% decrease in token value, while technical indicators show signs of potential short-term recovery.
Technical Indicators and Short-Term Recovery Expectations
The Relative Strength Index (RSI) dropping below 20 signifies that the asset is in oversold conditions. This situation has generated hope among investors, as similar past conditions have led to temporary recoveries. However, the resistance level between $0.6817 and $0.6915 suggests that while a short-term bounce may occur, a sustained price increase could be challenging.
Market Conditions and Internal Factors
The Chaikin Money Flow (CMF) value is identified at -0.23, indicating ongoing selling pressure in the market. Global economic uncertainties, trade tensions between the U.S. and other nations, and a decline in investor risk appetite could hinder the token’s recovery process. Additionally, the slow progress of feature updates for Pi Network and concerns regarding the mainnet process are significant internal factors at play.
Pi Network – Open Mainnet: “PiDaoSwap expressed frustration over the delayed KYB process.”
Exchange Listings and Community Opinions
An increase in total trading volume to $478 million, representing a 76% rise, is seen as an indicator of increased market activity. However, the lack of listings on major exchanges, particularly exclusion from platforms like Binance, could pose obstacles in attracting new investors. Community members have noted a lack of transparency from management and indicated that developments related to the mainnet are progressing slowly.
While market technical analyses point to a possible price recovery in the short term, both internal issues and global economic impacts may limit long-term gains. Investors anticipate a temporary improvement in token prices, hoping that comprehensive exchange listings and announcements from management could accelerate the process. Critics have suggested that decentralizing decision-making and increasing transparency could positively influence the project’s future.
In summary, the data analyzed indicates short-term recovery signals within the current downtrend, though the influence of external and internal factors may constrain the process. Investors and market observers are advised to remain cautious while monitoring developments.