1 day ago
24
TLDR
- Pi Coin price has dropped below $0.70, falling about 20% over the past week
- The Pi Network community is frustrated with the Core Team’s lack of transparent communication
- Pi Network’s base mining rate decreased by 1.18% this month to 0.0029030 π per hour
- Pi Network faces criticism over increasing KYC requirements, raising privacy concerns
- Price is currently forming a falling wedge pattern with next support level at $0.60
Pi Coin, the native token of the Pi Network, has continued its downward trend, dropping below the $0.70 mark as community frustration mounts. The cryptocurrency is now trading around $0.72, representing a 20% decrease over the past seven days, with trading volumes also declining significantly.
The Pi Core Team recently announced record participation in the inaugural PiFest on the Open Network, with over 125,000 registered sellers and 1.8 million Pioneers using Map of Pi. However, this news has done little to stem the price decline or improve community sentiment.
Community members have expressed dissatisfaction with the Core Team’s communication approach. Critics argue that monthly updates are predictable and insufficient for maintaining an engaged community. One member, Dr. Altcoin, noted that trading activity in the Pi ecosystem has reached its lowest point since PiFest began, with most transactions involving selling Pi for cash.
Technical Analysis
The current price action shows Pi forming a classic falling wedge pattern, testing the lower boundary near $0.687. Technical analysts suggest that a confirmed breakout with volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price toward $0.75–$0.78, where key resistance levels exist.
Pi Network Price on CoinGeckoThe 5-minute chart displays fundamental support areas between $0.7100 and $0.7150. The exchange rate maintains its position within this support interval while trading at $0.7212. Market movements in this zone demonstrate a balance between bullish and bearish pressures.
The Relative Strength Index (RSI) shows a neutral value of 50.46, indicating indecisive market conditions. Previous market upward movements occurred when the RSI value fell below 30 during oversold conditions. Resistance typically appears when RSI surpasses 70, entering overbought territory.
Controversial Decisions
The Pi Network has made several controversial moves recently, including strengthening its Know Your Customer (KYC) protocols. The project will now request an email address to activate the two-factor authentication feature of its mobile application, moving away from SMS authentication.
Pi Network is adding email-based two-factor authentication to the overall account management and verification. https://t.co/UeoJ0F8H17
This change addresses challenges with current SMS (text message) account verification, improves security, and lays the groundwork for future…
— Pi Network (@PiCoreTeam) March 29, 2025
The developer claims this change is necessary because Pi users are spread across the world, making it difficult to reach all users through telecommunications. However, the crypto community has criticized this decision as an unnecessary breach of users’ privacy in an industry where anonymity is highly valued.
Pi was already under scrutiny for its unilateral decision to demand that Pi holders go through a strict KYC process to migrate their tokens to the public mainnet. These decisions, along with allegations from prominent figures in the crypto industry who claim that Pi is a scam, have contributed to depressing its price.
The Pi Network’s base mining rate has also dropped by 1.18% this month, now standing at 0.0029030 π per hour. This adjustment continues the network’s trend of gradual mining rate reductions. Some community members speculate that the declining interest in mining may be linked to Pi’s current low trading value on exchanges.
Despite talks of the Pi Network listing on top crypto exchanges like Binance and Coinbase, these have not materialized so far. The BTCC exchange stated that it has added the cryptocurrency for spot trading, but this has failed to add any upward momentum to the Pi coin price.
The cryptocurrency is currently just 14.9% away from its all-time low of $0.6152 from February 20. If the current support level of $0.6800 fails to hold, nothing would prevent Pi from collapsing to all-time lows.
Market experts suggest monitoring both RSI and MACD indicators as they provide clear signals for investors. Crossing $0.7300 could propel the price to $0.7400-$0.7500 resistance with enough trading volume to potentially reach $0.7550. However, if sellers push the price beneath $0.7100, it could lead to further declines toward $0.7000 and potentially to $0.6900.
The Pi Network Mainnet Launch has been highly anticipated, with many expecting a price rally. However, market changes have caused concern among investors after Pi Coin fell by 68% during its latest dip. The future movement of Pi Coin remains uncertain, and investors must track team statements from Pi Network as well as market conditions.
English (US) ·