- The price of PI has dropped sharply from $0.53 to $0.44 as it nears a key breakdown.
- Volume is down, and liquidity is weak, while unlocked tokens enter the market.
- If buyers fail to step in soon, the price could drop rapidly toward the $0.0967 support level.
PI Network (PI) trades near $0.4490 amid a maturing descending triangle and waning demand. With a daily high of $0.4756 and a low of $0.4465, the token remains compressed near a critical support level of $0.44. Across broader time frames, this setup suggests a bearish continuation, as sellers maintain control and bulls fail to reclaim higher levels.
The weekly chart shows consistent lower highs since March, coiling price action into a classic descending triangle. The structure suggests compression nearing exhaustion. Fibonacci retracement levels highlight resistance at $0.7797 (23.6%) and a midpoint cap at $1.5437 (50%).
Immediate danger lies at $0.4493, which serves as the base of the triangle. Should it break, a measured move could drag the token down to $0.0967, marking a 78% potential decline.
Market Activity Cools as Volume Slips and Sentiment Wanes
At press time, PI trades at $0.4489, posting a 7-day loss of 1.66% and signaling fading interest, according to CoinMarketCap. The market cap has dropped 4% to $3.45 billion and has a fully diluted valuation (FDV) of $44.89 billion.
Trading volume has declined 4.49% in the last 24 hours, settling at $76.82 million. That places the volume-to-market cap ratio at 2.21%, reflecting modest liquidity. The token briefly climbed above $0.52 earlier in the week but failed to sustain gains. Each subsequent intraday rally has printed lower peaks, confirming the bearish control.
Despite multiple short-term bounces, the lack of volume follow-through suggests buyers are waiting or exiting. Current price compression may trigger volatility soon, but the direction will hinge on whether $0.78 is reclaimed or $0.44 is breached.
Related: Pi Coin Price Hovers Around $0.50 After Heavy Market Selling
Influential Traders Signal Caution as Market Cap Sheds $15B
On July 14, a crypto analyst pinetworkmembers, posted a chart and commentary suggesting worry about the future path of PI. According to the analyst, PI increased to $0.53 when Bitcoin reached the $122K mark and then suddenly dropped back to $0.46, unable to maintain any momentum despite the positive macro conditions.
The key technical levels are the support zones at $0.3983 and $0.2357. Analyst reported persistence of token unlocks, low demand and liquidity, and centralization of community governance as major obstacles. The future valuation risks lie in the fact that more than $15 billion was lost in Pi’s market cap, and billions of tokens have not moved.
The technical consensus is bearish, as the chart indicates a potential leg down that could not be reclaimed, even after an attempted recovery. In the meantime, players in the market keep their eyes fixed on PI as it heads towards the most significant step so far.
