Is Pi Network Losing Trust as Its Price Sinks 30% in June?

• Pi Network remains resilient despite broader crypto downturn and limited market exposure.
• Oversold RSI and rebound from $0.475 hint at a possible short-term price bottom.
• Long-term success hinges on Open Mainnet launch and expanding ecosystem utility.

The Pi Network is facing growing skepticism from its community following a steep 30% price decline in June. The drop, which has occurred amid a broader crypto market downturn, has triggered a debate about the project’s future and its ability to maintain holder confidence ahead of its long-awaited Open Mainnet launch.

While the project’s leadership highlights its long-term, utility-driven growth strategy, the recent price weakness has become a primary focus for its user base.

Broader Market Pain, But Pi Holds Key Advantages

Cryptocurrencies across the board are under pressure. Bitcoin, Ethereum, and Solana have all dropped significantly, and their declines have impacted the entire digital asset space. Consequently, Pi’s price action must be understood in this wider market context. 

Despite the recent slide, Pi has a distinct growth story. Unlike many tokens, Pi remains in an enclosed Mainnet phase, which limits its exposure and circulation. This limited access has prevented full market price discovery but has also shielded Pi from harsher market swings.

Related:  After a 35% Crash, Is Now the Time to Be Bullish on Pi? Analysts Weigh In

Additionally, Pi’s community strength stands out. With over 50 million users and a growing number of real-world apps built on the Pi ecosystem, the project continues to evolve. Dr. Nicolas Kokkalis, one of Pi’s leading minds, highlights utility-driven growth as a pillar of Pi’s resilience. He believes the project’s success lies not in quick price spikes but in sustainable adoption and ecosystem expansion.

Short-Term Price Behavior Shows Mixed Signals

As of press time, Pi is trading around $0.5091, slightly down on the day. The price recently rebounded from a low of $0.475, suggesting buyers are stepping in. 

If momentum continues, a retest of the $0.520 resistance could occur. However, any break below $0.490 might renew downside pressure toward the $0.475 support.

Technical indicators add further clarity. The MACD shows weak bearish momentum, while the RSI sits at 29.70, signaling oversold conditions.

Related: Can Pi Network Price Realistically Hit $10?

This suggests that Pi could be near a local bottom. Still, traders should wait for stronger volume or a clear price breakout before confirming a trend reversal.