Pi Coin (PI), once considered a potential breakout token, is facing one of the most volatile periods ever. With a massive loss of 80% to date and a dramatic drop in trading volume, investor confidence in the project has hit rock bottom.

In contrast, major cryptocurrencies are experiencing significant price increases. Unfortunately for Pi Coin, this digital currency continues to plunge, making it the worst-performing asset among the top 40 cryptocurrencies by market capitalization.

Notably, at the time of writing, this digital asset is trading at $0.3519, up 3.72% in the past 24 hours. Furthermore, this is a difficult period with declines of 16.15% and 22.81% in the past week and month, respectively.

Trading Volume Collapses Amid New Record Lows

The bearish outlook for Pi Coin is further reinforced by a sharp decline in trading activity. According to CoinMarketCap, Pi's daily trading volume has plummeted from a peak of $140 million on August 2 to just $43 million, a nearly 70% decrease.

This decline in volume coincides with a new record low price of $0.335, marking a troubling signal for the near future of this token.

Worse yet, Pi Coin has hit $0.3220 in the 4-hour trading timeframe, breaking through a crucial support level of the trendline with increased trading volume. Although there has been a slight bounce from that low, analysts believe the price may soon retest that level. The Relative Strength Index (RSI) is hovering above 30, indicating a strong downtrend with no immediate signs of recovery.

Mainnet Delayed and No Major Listing to Boost Optimism

Pi's decline is being attributed to the slow progress of the Pi Core team. The long-promised move of the Pi token to the official mainnet has been continuously delayed, frustrating the community and undermining the project's credibility. Additionally, the lack of any major centralized exchanges (CEX) listing has left Pi largely inaccessible to retail investors.

While market cap equivalent tokens such as Mantle (MNT) and Ondo (ONDO) are recording increases of 53% and 16% respectively over the past 30 days, Pi has dropped 26%, indicating this token's failure to capitalize on the overall bullish wave in the cryptocurrency market.

Bearish Forecast: Is There Anything That Can Save PI Right Now?

Unless the Pi Core Team delivers a surprise, such as listing on a major CEX or accelerating the development of the mainnet, analysts believe that the price could drop further, potentially hitting $0.10.

The market currently shows little enthusiasm for this token, and low trading volume indicates that buyers are unwilling to support the current price level. Without a strong catalyst, holders of Pi Coin may continue to face tough times as this token drifts further from its previous promises.