Is Pi Coin Dying? Should You Sell?

Pi Network price is gaining today, May 1, with a 6% surge in the last 24 hours to trade at $0.618 at press time. Despite the recent gain, PI has shed 79% of its value since hitting an all-time high in February this year amid a lack of new exchange listings and a lack of utility. This underperformance and lack of robust fundamentals have traders questioning whether Pi Coin is dying and whether now is the right time to sell.

Pi Network Price Struggles – Time to Sell?

Despite the recent bounce in price, Pi Network remains at risk of a downtrend, as two analysts shared skewed bearish sentiments suggesting the project may be dying.

Per analyst Clark on X, Pi Coin will struggle due to minimal utility, few exchange listings and a lack of liquidity. Another analyst, dubbed 0xkeith, also noted that PI is dying, and it is only a matter of time before selling activity surges after breaching a descending trendline.

The Binance exchange, which the PI community expected to offer a lifeline for the token, has steered clear of this new coin, which has also played a role in dampening investor confidence. Moreover, despite speculations that HTX may list Pi Network, the exchange has not made an official announcement.

The delayed exchange listings have limited access to new buyers, which has led to the price of Pi Network stagnating and forming lower lows.

Lastly, traders may also consider selling Pi Coin because of a lack of speculative activity that suggests a lack of conviction among futures traders about its short-term price movements. Data from Coinanalyze shows that Pi Network’s open interest stands at $16M, and has never made a meaningful increase since launch.

Considering these factors, it is clear that the Pi Network price prediction is bearish, making the case for traders to consider selling. However, the technical outlook showed mixed market sentiment.

Pi Network Technical Analysis as Breakout Looms

The four-hour price charts clearly show that Pi Network is under intense bearish pressure as it fluctuates within a descending triangle pattern. The token’s movement within this pattern suggests that the demand is growing weak, making a case for the bearish trend to continue and the price to likely fall to $0.51.

However, PI is teasing a breakout above the upper descending trendline after being rejected severally. If it manages to break out, this token may rally to $0.79, with such a run-up set to change the market structure. Nevertheless, a breakout will only occur if the RSI breaks out above 50 and continues to gain and support a bullish momentum.

The combination of a wide range of factors, including limited exchange listings, a lack of utility, and weak demand, explains why some traders believe that this PI may be dying. Pi Network’s price performance mirrors the trend with new coins that face downward pressure once the initial hype dies down and there are no strong fundamentals for an uptrend.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.