The Pi Network coin continues to nosedive into irrelevance
The Pi Network coin continues to nosedive into irrelevance, with its price action mirroring the slow collapse of a project running out of road. The token has shed nearly all gains from its brief pump earlier this year. On June 18, Pi Coin was trading around $38 in enclosed exchanges. This is roughly 90% below its claimed highs in late 2023. Moreover, daily trading volume has collapsed to negligible levels, reflecting evaporating interest and liquidity.
More damning than the price decline is the silence surrounding Pi2 Day. This is an event that Pi Network fan accounts quite recently aggressively hyped as a key milestone. In previous years, fan accounts, admins, and official posts used the date as a marketing anchor. This year, the silence is deafening. Influential X accounts that routinely pushed countdowns and celebratory graphics have shifted focus or gone inactive. The absence of buzz around Pi2 Day might point to a deeper issue: the team may not have anything tangible to share. In a market that rewards momentum, the void becomes toxic. Pi Coin’s relevance now hangs not just on price but on whether anything is left to discuss.
Pi Coin Price Dangerously Close to All-Time Low
The Pi Network coin price action remained decisively bearish. The token is trading perilously close to its all-time low. After briefly plunging to $0.397 on June 13, the token posted a modest recovery the following day, only to resume its persistent downtrend. The lack of meaningful follow-through confirms ongoing distribution, as bulls lose ground at every minor bounce.
The Pi token now hovers just above the immediate support near $0.518. If bears manage a breakdown below this level, the next key support lies near $0.47. These levels represent critical areas for Pi Coin. Breaching them would mark new lows and could trigger capitulation among remaining holders. The RSI remains deep in bearish territory with a score of 31.99 on the daily charts, confirming the absence of momentum and growing downside exhaustion.
On the upside, any rally attempt would encounter resistance near $0.6. The level has capped multiple upside moves in the past and coincides with declining volume. This reinforces its strength as a barrier. A breakout above $0.6 could open the door to a test of the resistance near $0.66. However, given the trend, bulls have little ammunition to mount a challenge without a broader sentiment shift or a major Pi Core Team announcement. The contrast between community expectations and reality is stark. While loyalists continue to cling to speculative targets above $100, Pi Coin is struggling to stay above $0.50. Certainly, the widening disconnect between price and narrative poses reputational risk for the project. Indeed, with each failed bounce, the token could lose further credibility as a viable asset, becoming an increasingly cautionary tale in crypto.
Bullish Wedge Forms, But Momentum Lacking for Confirmation
Pi Coin has formed a falling wedge on the 4-hour timeframe—typically viewed as a bullish reversal pattern. The structure is defined by two converging trendlines sloping downward, with the upper trendline acting as dynamic resistance and the lower trendline providing gradually decreasing support. Price movement within the wedge exhibits diminishing volatility, often signaling an impending breakout.
From a technical standpoint, the falling wedge pattern implies that bearish momentum is weakening. A bullish confirmation is established once the price breaks above the upper resistance of the wedge with volume expansion. The projected target is calculated by measuring the maximum vertical distance between the wedge’s resistance and support trendlines, and then extending that distance upward from the breakout point. As such, the Pi Network token price could rise to the potential price target near $0.65.
However, Pi Coin’s current positioning offers little conviction. The token continues to hover near the lower trendline, unable to attract meaningful volume. Moreover, momentum indicators remained flat, and broader market sentiment was unsupportive. The structure risks invalidation without a decisive breakout above the wedge’s upper boundary. Moving below the lower trendline would invalidate the bullish setup entirely, exposing the token to fresh downside. Additionally, the recent .pi domain auction update—featuring a standalone app and stat tracking—also failed to lift sentiment. Notably, the market largely ignored the announcement, suggesting traders remain focused on macro deliverables like ecosystem expansion, mainnet traction, or open liquidity. Above all, until one of those catalysts materializes, bullish patterns alone may not be enough to reverse Pi’s slide.