The price of Pi Coin has lost over $14 billion in market cap 3 months after launch, and technical indicators suggest a fall to $0.40 is likely.
Pi Coin (PI) has lost nearly three times its value since its launch three months ago, and is likely to crash suddenly at $0.40.
The crash is imminent, as concern is growing within the community after Pi Coin's price dropped 50% last week despite a $100M move from the development team.
Pi Coin Price Loses $14B Market Cap In First 3 Months
Pi Coin reached an all-time high market cap of $19.4 billion on February 27, about a week after the token's launch on exchanges.
This market cap brought PI close to becoming a top ten crypto, but since then, it has seen a sharp decline in value.
At press time, Pi Coin trades at $0.73, down 75% from its all-time high of $2.99 hit in February. In the past week alone, the token has dropped by over 50% following the Pi Network’s disappointing performance in Consensus.
Pi Coin's pricing struggles despite gaining a listing on OKX, which ranks as the fifth largest crypto exchange globally by trading volume. The team is also expecting Binance to list PI, which will not be of any benefit.
A growing concern is impeding network development.
Furthermore, during its first three months, the Pi Network team has faced a lot of criticism. On May 14, the team announced a $100M VC fund, but it sparked mixed feelings from the community.
Dr. Altcoin, a top PI supporter, opined that the fund caused the price of Pi Coin to drop. In a recent X post, he added,
"The Pi Core Team has over 10,000 wallets and sub-wallets - yet only the 7 largest wallets are easily searchable by the Pi community. And yet, some pioneers have the audacity to defend the Core Team and claim that they haven't sold a single Pi!"
His sentiments echo those of Kim W-Hong, who blames the PiCoin development team for the lack of utility, as only 19 of the 100 dapps presented are available three months after the app's launch. He noted,
"The bad news is that there is no mention of the development status of the current ecosystem. This is why consumers and investors are disappointed."
These sentiments have led to a bearish forecast for Pi Networks prices, and if the trend continues, it could soon hit new all-time lows.
Pi Coin Crash Looms at $0.40
Pi Coin price is on the verge of falling to $0.40, as the daily chart shows a mix of bearish signals.
The first of these is the MACD indicator, which creates a sell signal because the MACD line has fallen below the signal line, indicating that sell-side pressure is about to increase.
At the same time, the AO histogram bars are shrinking after turning red, which is a sign that the bullish momentum has ended.
Therefore, if Pi Network price loses the key support level of $0.70, as indicated by the 50% Fibonacci level, it will likely fall to $0.40.
A combination of bearish macro factors, particularly negative community sentiment, suggest that the price of Pi Coin may soon fall to $0.40.
This bearish outlook is further seen on the daily chart, where technical indicators show that the bears are about to take complete control.
#pi #PiNetwok #CryptoNewss #Market_Update #MarketSentimentToday
