Pi Coin is trading at $0.6244, up 8.40% in 24 hours. With a trading volume of $113.75M, rising 16.59%, it’s showing signs of life. But zoom out, and the picture darkens. Over the last seven days, the coin dipped 5.75%. Such volatility raises questions about its future. In a space where momentum is everything, Pi must prove its strength fast. Many retail traders are on edge, unsure whether to hold or flee. The spike is encouraging, but skepticism lingers.
This week’s rally gives hope, yet the market sentiment remains cautious. Analysts point out how rapidly sentiment can change in crypto. Even with today’s green candles, Pi is exposed. Falling back below $0.60 will set in motion panic selling. Unlike Bitcoin, Pi is not supported by institutions. It is subject to emotion and hype. During a shaky rally, one negative headline will wipe out all gains. Investors closely monitor looking for confirmation and not a simple bounce
Pi Cycle top indicator signals caution for traders
The Pi Cycle Top Indicator, which is a traders’ favorite indicator, is flashing caution signals. Far from the level of 82 that indicates a promising start to the cycle’s upleg, the oscillator stands at 37. Moving averages ($155k and $90k) are widely apart. Crypto cycles reverse direction swiftly, so converging averages may still be in the cards.
Previous patterns indicated furious ascents during euphoric phases. Nothing is certain that this cycle will do the same, though. Decreasing returns may alter the beat. Traders are refining their models to adjust accordingly.
Predictions vary wildly. Some experts see Pi passing $100. Others think it may retest lows near $0.40. On April 30, it sat at $49.09 with a 24-hour volume of $329.35K. That ranks it 3603 in the crypto world, a sharp contrast to its early hype. Investors expect a push above $330.65, but current trends show resistance. Until the token proves utility, predictions remain just hope. Without action, sentiment will keep slipping.
Pi Network’s mainnet launch and the fading hype
Since its mainnet launch, the promise of Pi has faded. Initial mobile mining and referral hype has dissipated. No exchange listings and lack of utility bury the crypto under a huge anchor. Pi fell 15% this month to $0.6077. Bitcoin’s upward trajectory only contributes to investor frustration.
Other coins rally, and Pi remains stagnant. Many of the initial adopters feel abandoned. Silence from the project induces suspicion. Momentum is difficult to regain once trust is eroded.
Technical signals are flashing red. RSI remains at 38, and a prospective MACD crossover foreshadows additional losses. CMF validates that sellers rule. Supply is pouring in with 21.4 million tokens in April alone.
Next year brings even more pressure in the way of 131 million tokens per month. Unless Pi generates additional demand or burns tokens, prices might drop. Even so, a breakout above $0.8727 can turn the tide around. But that is contingent upon Pi providing real-world value and not mere promises.
