TLDR
- The past week has seen Pi Coin’s value decline sharply, dropping under $0.70—a fall of approximately 20%.
- Disappointment brews within the Pi Network community over the Core Team’s opaque handling of communication.
- This month saw the Pi Network’s base mining rate take a slight dip of 1.18%, settling at 0.0029030 π per hour.
- Critiques have emerged as Pi Network's KYC protocols become more rigorous, amplifying privacy worries.
- A declining price sees a falling wedge pattern forming, with the next support anticipated around $0.60.
Despite the mounting frustration, Pi Coin—the heart of Pi Network—is on a downward slope, slipping below $0.70. It currently hovers around $0.72, marking a 20% decrease over the last week and a notable drop in trading volume.
Even with the Core Team's recent statement of record-breaking participation at the initial PiFest—boasting over 125,000 registered vendors and 1.8 million Pioneers engaged on the Map of Pi—the positive news hasn't quite buoyed market sentiment or halted the price descent.
Voices within the community have criticized the communication habits of the Core Team, suggesting that the predictability of monthly updates is insufficient to foster sustained community interest. Notably, Dr. Altcoin remarked on the plummeting trading activity in the Pi network post-PiFest, with a majority of dealings pivoting on liquidating Pi for cash.
Technical Analysis
The present price movements reveal Pi drawing a standard falling wedge pattern, flirting with the lower confines near $0.687. According to technical analysts, a confirmed breakout expanding beyond the $0.71–$0.72 threshold might ignite a bullish trajectory, potentially lifting the price toward the resistance corridor of $0.75–$0.78.
In the five-minute snapshot, essential support zones lie between $0.7100 and $0.7150. Currently, the exchange rate is lodged within this band at $0.7212, reflecting a tug-of-war between bullish optimism and bearish caution.
The present Relative Strength Index (RSI) reads a neutral 50.46, signaling an ambivalent market state. Historically, upward market trends have been observed as the RSI dipped below 30 in oversold contexts, whereas resistance emerges regularly when RSI surpasses 70, indicating overbought conditions.
Controversial Decisions
Pi Network has stirred the pot with recent decisions, such as tightening their Know Your Customer (KYC) protocols. The project has switched from SMS to email for activating two-factor authentication in its app.
To bolster account handling and verification, Pi Network is embracing email-based two-factor authentication. https://t.co/UeoJ0F8H17
This shift aims to iron out issues with existing SMS verification, improve security, and pave the way for future developments.
— Pi Network (@PiCoreTeam) March 29, 2025
The developer argues that because Pi users span the globe, relying solely on telecommunications is impractical. Still, this decision has been called out by the crypto community as an unwarranted infringement on user privacy, especially in an industry that prizes anonymity.
Pi faces scrutiny not only for its solo decision to enforce strict KYC processes for token transfers to its mainnet but also due to allegations by prominent voices in the crypto sphere deeming Pi a scam—altogether affecting its market value.
This month, Pi Network’s base mining rate also sees a 1.18% reduction, now at 0.0029030 π per hour. The steady decrease in mining rates has some speculating that waning interest in mining ties back to Pi’s current low valuation in exchanges.
Despite chatter about Pi Network getting listed on top-tier crypto platforms like Binance and Coinbase, nothing substantial has followed. The BTCC exchange did announce its commencement of spot trading for the cryptocurrency, though this hasn’t managed to reverse the downward pricing spiral.
The cryptocurrency finds itself merely 14.9% away from its all-time slump of $0.6152 from back in February. A failure in holding the $0.6800 support could see Pi teetering towards hitting new record lows.
Experts suggest keeping a close watch on both RSI and MACD gauges for clear investor signals. Should it breach $0.7300, conditions could propel the price between the $0.7400-$0.7500 resistance, with enough trading vigor potentially reaching $0.7550. Conversely, if sellers drive the price under $0.7100, a steeper drop toward $0.7000 and possibly $0.6900 could ensue.
The anticipated debut of the Pi Network Mainnet has stirred interest, with many eyeing a potential price boost. Nevertheless, shifts in market dynamics have stirred investor concern as Pi Coin plummeted 68% in its latest downturn. The path Pi Coin will take remains uncertain, urging investors to keep tabs on updates from the Pi Network team alongside market trends.
