Pi Coin has hit rough waters again. The native cryptocurrency of Pi Network slipped 5% in the last 24 hours. It currently trades at $0.923, failing to hold above the crucial $1 mark. This drop followed a strong rejection at $1, which triggered heavy selling across the market. Pi’s daily trading volume also took a hit, plummeting 30.56% and dipping under the $200 million level.
Increased token movement to centralized exchanges has fueled the current selling pressure. Many investors are offloading unlocked tokens quickly, causing downward momentum. The supply surge has overwhelmed demand, putting Pi Coin in a vulnerable position.
Pi Coin Crashes 22% Weekly and Drops in Rankings
Over the past seven days, Pi Coin has lost 22% of its value. This steady decline stems from repeated failures to break above the $1.20 resistance level. As a result, Pi Coin has tumbled from the 11th to the 23rd spot among top cryptocurrencies. It also lost over $13 billion in market capitalization in just a month. These losses have sparked concern among investors who once believed in its strong fundamentals.
Pi’s performance now mirrors growing frustration among traders who expected the $PI token to sustain its bullish breakout. The increase in exchange deposits reflects fading confidence in the coin’s short-term direction. Investors are waiting for a clear signal before jumping back in.
Exchange Deposits Reach 338 Million Tokens
In the past few days alone, over 8 million PI tokens have entered centralized exchanges. The total number of tokens on CEXs has now surged past 338 million. This sharp rise in supply has created selling pressure that is hard to ignore. More tokens on exchanges typically indicate more potential sell-offs, which could push prices lower.
Market watchers believe the PiCore Team must take immediate action. Many suggest burning 60 to 100 million PI tokens to reduce circulating supply. This move could tighten the market and support a price rebound in the near term. Without intervention, Pi Coin risks further declines and market instability.
Technical Analysis Shows a Triple ZigZag Reversal Pattern
Despite the recent dip, technical analysts see hope. A TradingView chart by Coinvo reveals a possible “Triple ZigZag” formation. This pattern, rooted in Elliott Wave theory, suggests a potential trend reversal. The 8-hour chart for the PI/USDT trading pair on Bitget shows three corrective waves labeled A, B, and C.
The latest wave structure hints at early upward momentum. Pi Coin currently hovers around $0.9512, slightly up from its recent low. If the pattern holds, the market could shift direction and break above resistance. Traders closely watching this setup remain cautiously optimistic.
Analyst Predicts $2.38 Breakout Despite Current Drop
Not all experts are bearish. Popular analyst TraderFy predicts a bullish breakout is just around the corner. He described the current setup as a classic falling wedge formation. According to his forecast, Pi Coin could explode past $2.00 and reach as high as $2.38466. He shared that these levels represent the next significant resistance zones.
His prediction has sparked optimism among community members who believe in the project’s long-term growth. However, some still remain skeptical, citing the weak market sentiment and ongoing exchange inflows.
Pi Coin Stands at a Crucial Crossroads
The market is now watching Pi Coin with sharp focus. While the price has dropped, the technical charts paint a mixed but hopeful picture. A supply burn or positive ecosystem update could trigger renewed interest and push prices higher. However, if selling continues, Pi Coin may struggle to find support.
Investors now face a critical decision. Those with high conviction may see this as a buying opportunity, banking on a quick recovery. Others may prefer to wait for signs of stability or stronger support levels.
Prepare for the Next Move in Pi Coin
Pi Coin may be down, but it’s not out. With strong community backing and technical potential, a rebound remains possible. Keep a close eye on upcoming developments from the PiCore Team and major exchanges. If the Triple ZigZag pattern plays out and supply shrinks, we could see a major reversal unfold.
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For now, Pi Coin stands at a pivotal moment. The next few days could determine whether it climbs back or slips further into decline.
