Pi Network Nears All-Time Low as Demand Evaporates—Is the Hype Over?
Another day, another crypto bleeding out. Pi Network—the mobile-mined token that promised to 'democratize' digital currency—is circling the drain with zero demand propping it up.
No lifeline in sight. The so-called 'people's crypto' now flirts with its all-time low, leaving early adopters clutching their worthless screenshots of 'mined' tokens. Remember when they swore mainnet would moon the price? Cute.
Dead cat bounce or death spiral? Without fresh suckers—sorry, 'investors'—Pi's chart looks like a ski slope. Even shitcoin traders are avoiding this one like a Web3 whitepaper.
Final nail in the coffin? At this rate, Pi's most active community will be the class-action lawyers. But hey—at least the mining app still gives you that sweet, sweet dopamine hit when you press the button every 24 hours. Progress!
Will PI Break Down or Bounce?
The Pi token price has traded within a tight range since July 15, struggling to break free from the $0.43 support and the $0.46 resistance. Despite multiple attempts to push above the upper boundary, each rally has failed due to weak demand, forcing the token back into sideways movement.
In its spot markets, daily trading volumes remain low, suggesting waning market participation and little appetite for a bullish reversal. Over the past day, this is down 14% and totals $105 million at press time.
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When an asset’s price and trading volume drop simultaneously, it confirms weakened market interest and fading momentum from buyers and sellers. This suggests a lack of conviction among IP traders, which could worsen its price performance if volume does not recover.
Furthermore, momentum indicators continue to show that buying pressure has thinned significantly. For example, PI’s Balance of Power (BoP) returns a negative value of -0.64 as of this writing, highlighting the sell-side pressure in the market.
The BoP indicator measures the strength of buyers versus sellers in the market. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, a negative BoP reading signals that sellers are in control, with little to no buyer resistance. PI’s BoP reinforces the bearish outlook for the altcoin, suggesting that selling activity could continue if fresh demand fails to enter the market.
PI Eyes $0.40 Breakdown or $0.50 Breakout
If selloffs persist, a slip below the support floor at $0.43 is likely. In this scenario, PI risks plunging to its all-time low of $0.40. If distribution continues, PI could even register new price lows.
On the other hand, a positive catalyst could propel a break above resistance at $0.46. If this happens, the PI token price could climb toward $0.50.
