The Pi Network price has faced a major barrier at $0.58 following a steep decrease in trading volumes that often signals that the market interest is low. The declining price and trading volumes have fueled concerns about whether PI will crash to $0.10 and follow the same path as newly-launched crypto tokens.
Pi Network Price At Risk as Trading Volumes Plunge 45%
Pi Network price has been moving sideways within the range of $0.56 and $0.67 in the last three weeks, and there appears to be no breakout in sight. This bearish take stems from the recent data from CoinMarketCap that reveals PI trading volumes have dropped by 45% in 24 hours to $38 million.
The declining trading volumes come as PI fails to secure new listings on top exchanges like Binance, Coinbase and Kraken. This indicates that a majority of crypto traders cannot access this token, suggesting that a bearish breakout from the consolidation zone to $0.10 is more likely to happen.
If there is no positive news around Pi Coin, such as new exchange listings, partnerships or network adoption, this token will likely mirror what happened with new tokens like Hamster Kombat that crashed months after launch. The ongoing speculation around whether Pi Network is dying also aligns with what usually happens with newly launched crypto coins.
However, not all traders are anticipating further dips for Pi Coin price, as Dr Altcoin notes that the altcoin could experience a parabolic bull run in the next five years and potentially outperform the broader crypto market. However, his forecast will only occur if more crypto traders and users flock to the Pi Network.
Is a Pi Coin Crash to $0.1 Imminent?
Pi Network price appears to be on the verge of a decline to $0.10 after its recent dip edged it closer to critical support at the lower trendline of a symmetrical triangle pattern. If it fails to hold this support level, it may cause a 13% decline to $0.50 in the near term, which may further exert downward pressure to $0.40.
If this bearish thesis holds and Pi Coin price plunges to an all-time low of $0.40, it will cause the market sentiment to plunge into fear, and the ensuing surge in sell-side pressure may push the price to $0.10. However, if buyers step in now and an upward trend leads to PI overcoming resistance at the upper trendline, it might record a 13% surge and halt a potential downtrend.
Meanwhile, the AO indicator shows that the altcoin is facing additional downward pressure as the histogram bars grow longer below the zero line, which further aligns with the above Pi Network price forecast.
Therefore, as long as Pi Network trading volumes continue to plummet, the altcoin may discover a new all-time low price below $0.40. The most likely support level for Pi Coin if it drops below its previous all-time low is $0.10.
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