The Pi Network has witnessed one of the steepest price declines among cryptocurrencies valued over $1 billion, with its annual losses recently rising to 80%. This is compounded by the sharp drop in trading volume, supporting forecasts of a price decline for Pi Coin.
PI was the worst-performing asset among the top 40 cryptocurrencies over the past 30 days, losing 26%, while other tokens with similar market capitalizations like Mantle (MNT) and Ondo (ONDO) gained 53% and 16%, respectively.
CoinMarketCap data shows a sharp decline in Pi trading volume, from a peak of $140 million on August 2 to only $43 million yesterday. This 70% drop comes as Pi reached its all-time low of $0.335.
The decline of Pi has accelerated recently at a time when the prices of most other cryptocurrencies are rising. This negative performance is attributed to disappointing ecosystem growth initiatives, leading to widespread discontent.
The delay in transferring the token to the public mainnet and the failure of the Pi Core team to secure a top CEX listing has damaged the project's reputation and created negative expectations around Pi Coin.
Price forecast for Pi Coin: Pi seems poised to retest its all-time low with buyers ready to pull back.
The four-hour chart shows that PI broke through a key trendline support on August 1 with some significant volume.
During that four-hour period, the price reached an all-time low of $0.3220. Although it quickly rebounded from this level, it is slowly moving back toward it again and may test it soon.
In the absence of any good news, there seems to be nothing preventing the PI index from recording new all-time lows again. The Relative Strength Index (RSI) has settled just above the 30 level, indicating rising negative momentum.
Even with the price bouncing back from $0.3220, the drop in trading volume indicates weak or nonexistent interest from buyers at this price. Therefore, the price may need to drop further to find willing buyers.
Only a sudden listing on a major exchange can save PI from the risk of dropping to $0.10 or even lower at this stage.