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Pi Network Price Nears Record Low: What ‘Washed Out’ Sentiment Means for PI Holders

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Although most of the cryptocurrency market has turned red today, some altcoins are taking the storm worse than others. This is typically true for Pi Network’s native token, and today is no exception.

The asset has plummeted by 9% in the past 24 hours and has come painfully close to breaking below $0.07, which would mean a fresh all-time low.

PI Crashes Again

Looking at PI’s price performance, you can easily quote one of the most recognizable songs of all time, which was immortalized from the TV show Friends. It just hasn’t been PI’s day, week, month, or even a year. Aside from a few impressive but very brief pumps, such as the one in March that sent the asset to $0.30 within days, the bears have been in total control, pushing it to a new low after a new low.

The last example came precisely two weeks ago. At the time, PI had broken below the crucial $0.10 support and went into price discovery territory (but on the wrong side). It kept plunging until it finally found some support at $0.07, but only after it had charted a new all-time low.

Although the bulls reemerged at this point and helped it recover some ground to $0.10 in the following 10 days or so, the overall bearish sentiment remained high, and the inevitable transpired. PI was rejected once again, plummeted to $0.08, and after a few days trading above that line, it broke below it in the past 24 hours.

Hours ago, the asset tanked below $0.074, coming about 5% away from its ATL. Although it has rebounded slightly to over $0.075 now, it remains deep in the red daily (-9%) and weekly (-19%).

Pi Network (PI) Price on CoinGecko
Pi Network (PI) Price on CoinGecko

Washed Out Sentiment

Even before PI’s nosedive to $0.074, popular analyst Ben (co-founder of BSCNew) commented that the sentiment around the asset remains “as washed out as I have seen it.” And all of that comes despite the continuous updates, redesigned apps, and protocol upgrades delivered by the Core Team.

As such, Ben commented that his position is still unchanged as he cares about “shipping cadence more than the weekly candle.” And, he concluded that “the cadence is accelerating.”

Other accounts dedicated to covering Pi Network news, such as Pi Town, are also supportive of what the team is doing, and seemingly remain unfazed by the overall price calamity of the native token.

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