Pi Coin price has had a rough ride in the last two weeks, epitomised by its drop below the psychological $1 mark. The coin traded at $0.834 at the time of writing, having edged up by 5.4%, to stay on course to register the first daily gain in four days. The coin is down by 28% in the last week and has lost 44% of its value in the last month. In addition, Pi is down by 71% from its all-time high of $2.98 recorded a month ago.
Nonetheless, Pi is up by 732% above its initial listing price, meaning that that early investors are still in profit. That has reduced selling pressure and provides support for Pi network coin price.
Why Pi Network Coin Losses Could Pile Up
The sharp downtrend on Pi coin has seen it drop from the 11th to 24th position on CoinMarketCap listing, creating a strong bearish sentiment. The drop is underlined by a sharp decline in traded volume, affirming reduced market interest.
The nosedive by Pi Network coin price is attributed to a delayed listing by top-tier exchanges, most notably Binance. In addition, Bybit CEO Ben Zhou previously said that the exchange will not list Pi, describing it as a “scam”.
The multiplicity of attrition from top exchanges toward Pi Coin has not only given it negative publicity but also seen it lose it traction. A return to $1 is potentially the biggest battle for the coin, and the sour sentiment could extend if it stays below that level for longer.
Pi Coin Price Prediction
The momentum on Pi Coin price signals a likely continuation of the upside if action stays above $0.821. That will likely see the first hurdle established at $0.855. However, an extended control by the buyers will break above that level and could push the price higher to test $0.895.
Alternatively, the momentum could shift to the downside if the price breaks below $0.821. The first support will likely be at $0.800 in that case. The upside narrative will be invalid if Pi Network coin price breaks below that level. In addition, that momentum could clear the path for the coin to go lower and test the second support at $0.769.
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