Pi Network price remains under intense pressure and is hovering near its all-time low as sentiment in the crypto market worsens and demand for its exchange-traded product wanes.
Summary
- Pi Network price has tumbled and is hovering near its all-time low.
- The Valor Pi exchange-traded product only has $3000 in assets.
- Technical analysis points to more downside, but a short-squeeze cannot be ruled out.
Pi Network (PI) token was trading at $0.2085, down more than 90% from its all-time high. Its spot-market volume has plunged, while its market capitalization has dropped to $2.8 billion.
Pi Coin price has crashed in the past few months because of a combination of factors, including relentless token unlocks, high centralization, lack of utility, and increased dumping by pioneers.
Pi token is also highly illiquid, as most tier-1 and tier-2 exchanges have ignored it. It is also highly centralized, and some crypto experts Bybit’s CEO, have claimed it is a scam.
Meanwhile, the coin has ignored several potential catalysts. For example, Pi Network price continued falling after the team unveiled the $100 million ecosystem fund and an AI studio that makes it possible for developers to build chatbots.
The Valor Pi Fund, which was unveiled in August, has not gained traction among investors. Data on its website show that the Valor Pi Fund has only SEK 28,337 in assets, equivalent to just $3,000.
This fund had the equivalent of $3,400 in assets on Sept. 25, which is a sign that it is losing traction among investors.
Pi Network price technical analysis
The daily time frame chart shows that the Pi Coin price has plunged and is now hovering at its lowest level on record. It has moved below the lower side of the falling wedge, which is one of the most common bullish reversal patterns in technical analysis. Pi Coin price remains below the 50-day exponential moving average.
The Relative Strength Index has moved downward and is now in the oversold level. Also, the MACD indicator is below the zero line.
Therefore, the most likely scenario is that the Pi Network price continues falling, as it lacks a clear catalyst. However, the main risk of shorting Pi is that it could surge by more than 100% within minutes if the team were to announce a token burn or if a major exchange were to list it.
