The broader crypto market is booming Bitcoin has surged past $118,000, and Ethereum has cracked $3,000. But Pi Coin? It's stuck in reverse.
Once hailed as a “people’s crypto” with millions of users mining from their phones, Pi now trades at just $0.465, inching dangerously close to its all-time low of $0.400. That’s a 26.4% drop in just two weeks, even after the recent Pi2Day celebration failed to reignite interest.
📉 Bearish Sentiment Grips Pi Coin But a Reversal May Be Brewing
Despite its popularity, Pi Network is in a steep downtrend, stuck inside a descending channel since its post-launch rally. Every bounce has been rejected at the channel’s upper boundary, showing strong resistance.
🔍 According to TradingView:
The volume is declining, signaling weak buyer participation.
However, the RSI (Relative Strength Index) is at 55.46 neutral, but climbing, possibly hinting at momentum shift.
💡 If Pi breaks above the descending channel, we could see it target key resistance levels:
$0.98
$1.38
$1.67
A breakout could trigger a sharp reversal but until then, the trend remains bearish.
Pi’s Correlation with Bitcoin: Not What You’d Expect
In a surprising twist, Pi Coin currently has a negative correlation (-0.27) with Bitcoin. While BTC rockets up, Pi sinks moving in the opposite direction of the broader market.
🚀 Is There Hope? Here’s What Could Flip the Script
Crypto analyst Dr. Altcoin predicted the drop to $0.4 and now he’s forecasting a turnaround. In a recent post on X, he suggested this could be Pi’s monthly bottom and pointed to slowing token unlocks as a key bullish catalyst:
🔓 Token Unlock Schedule:
190M in July
136M in August
116M in September
93M in October
With the pressure from supply fading and investor fatigue hitting lows, Pi may finally have the setup it needs for a trend reversal but it needs volume and breakout confirmation to back it up.