Latest news and developments on Pi Network
Based on the latest news and developments regarding Pi Network as of Friday, April 4, 2025, at 10:45 PM GMT, the following key points can be summarized:
Significant drop in the price of Pi (PI):
* The price of Pi has sharply declined, reaching a new record low range of $0.54 to $0.60.
* The price has dropped by approximately 14% in the past 24 hours, and a massive 69% since the beginning of April.
* This downward trend reflects the continuation of negative momentum affecting the currency since its peak in March.
* Technical analyses indicate continued seller dominance in the market.
Continuous selling pressure and outflows of capital:
* The Chaikin Money Flow (CMF) indicator remains heavily negative at -0.23, indicating significant capital outflows from the currency.
* The monthly release of large quantities of PI increases supply pressure, which could lead to further price declines amidst weak demand.
Technical resistance and support levels:
* Pi Network faces immediate resistance in the range of $0.68 to $0.69. This range was previously a support area but has now turned into resistance following recent price declines.
* In the event of a rebound, Pi will struggle to surpass these levels.
* Some analyses suggest that the price could drop to $0.50 if investor sentiment remains weak.
Potential for a short-term technical rebound:
* Despite the downward trend, some technical indicators suggest the possibility of a short-term rebound.
* The Relative Strength Index (RSI) has dropped below 20 on hourly charts, indicating oversold conditions.
* This could lead to a temporary recovery in price, but its strength will depend on other factors.
Increase in trading volume:
* Trading volume rose to $478 million, an increase of 76% compared to previous levels.
* This indicates increased activity in the market, but it occurs in the context of a downward price movement, which may reflect intense selling.
Internal challenges and community criticisms:
* Pi Network faces multiple internal challenges, including slow rollout of new features.
* Community criticisms focus on the core team's readiness to launch the open mainnet, transparency issues, and the lack of listing of the currency on major exchanges.
PiFest 2025:
* The PiFest 2025 event witnessed significant participation from sellers and users who conducted transactions using the Pi currency.
* Nevertheless, the event failed to boost the value of the Pi currency, causing a divide in the community regarding its future.
In summary:
Pi Network is currently facing a tough period with a significant price drop and continuous selling pressure. Despite some technical indicators suggesting a potential short-term rebound, there are substantial challenges facing the project, including weak investor sentiment and community criticisms. The future of Pi Network remains uncertain and depends on the core team's ability to address these challenges and make tangible progress towards launching the open mainnet and increasing the adoption of the currency.