$Pi
The cryptocurrency market has never lacked volatility, but with Pi Coin (PI) – the flagship currency of Pi Network, the current situation is not merely a correction cycle. Pi is facing significant downward pressure, with the price currently hovering below 0.65 USD, approaching the critical support level of 0.60 USD. In the context of sharply declining trading volume and a gloomy market sentiment, investors are pinning high hopes on the Pi Day 2 event (June 28) as a final push to salvage the situation.
Technical pressure is squeezing the recovery momentum
Technical analysis shows a rather bleak picture. Key indicators are all signaling a clear downward trend. The RSI (Relative Strength Index) – a measure of market momentum – has fallen below the threshold of 45, reflecting a significant weakening of buying power. The MACD indicator continues to show red histogram bars, indicating that the bears are in control of the trend in the short term.
Notably, the Ichimoku Cloud system – often used to determine long-term trends – shows that the price of Pi Coin remains completely below the Kumo cloud, with the Chikou Span (lagging) also unable to break the current price level. This means that the downtrend may not have hit the bottom yet. If the price cannot surpass the downward trend line around 0.75 USD, it is highly likely that Pi will break through the 0.60 USD level and fall straight to a new dangerous support zone around 0.38 USD – a bottom that could shatter investor confidence.
On-chain data further clarifies the negative outlook
On-chain analysis confirms what technical charts are warning. According to data from Artemis, the daily trading volume of Pi Coin has dropped from over 2.2 billion USD in mid-May to just 62 million USD on June 10 – a decrease of up to 97%. This is no longer a normal correction, but a sign of massive capital withdrawal and the disbandment of speculative cash flow.
Additionally, the trading volume to fully diluted market capitalization (FDMC) ratio has dropped to just 0.09% – an extremely low level, signaling depleted liquidity. While limited supply may be a positive factor in the long run, with weak demand as it currently stands, it is not enough to create any price momentum. The state of 'clinical death' is present.
The last hope named Pi Day 2
In this uncertain context, all eyes are focused on the Pi Day 2 event. This is seen as the last 'price rescue' opportunity in the short term. The community hopes that the Pi Network Core Team will provide strategic updates:
• Official timeline for Open Mainnet – a prerequisite for listing on major exchanges.
• Clear information about dApps, the application ecosystem being built.
• Declaration of GCV (Global Consensus Value) – the ideal price of 314.159 USD is being hoped for by many, despite being symbolic.
The most optimistic scenario: if Pi Network makes strong commitments, a clear roadmap, and specific commercial partners, then the price could recover quickly, even testing the 1 USD mark.
Conversely, if the event is just a vague update without any practical actions, then a technical collapse will occur, breaking below 0.60 USD and opening a deep and risky downward cycle.
Conclusion: The critical moment for Pi Coin
Pi Coin is at a critical turning point. The market no longer believes in the 'community growth' story that lacks real value. If Pi Network cannot transition from an ideal model to a functioning ecosystem, then all faith will evaporate. The coming weeks will not only determine the price of Pi but also the future of the entire project.