How Soon Can Pi Network (PI) Coin Price Bounce Back?

Pi Network’s (PI) coin price has been on a downward trend, hitting a new monthly low of $0.5376 on April 4, down 69%. This continues a sharp PI price decline from the March peak, sparking concerns among investors. However, technical indicators suggest a potential rebound in the short term, although broader challenges may limit any significant recovery.

Will Pi Coin Price Bounce Back?

The Relative Strength Index (RSI) for Pi Network’s coin has dropped below 20, signaling oversold conditions on the hourly chart. Typically, when the RSI falls into this region, a short-term price rebound may follow. Historical trends in the market show that such oversold conditions often lead to temporary recoveries.

Any rebound in PI price is expected to face strong resistance near the $0.6817 to $0.6915 range. This level was once support but has now turned into resistance due to the price’s recent downturn. A break above this resistance would likely trigger a stronger rally, although the broader market environment might still limit the scope of any recovery.

In addition to the RSI, the Chaikin Money Flow (CMF) is currently at -0.23, indicating negative money flow. This suggests that selling pressure remains dominant, and there is more capital flowing out of the token than entering. A recent Pi Netwrok price prediction by CoinGape also revealed that bears currently remain dominant, as per the 3-month bias indicator. The chances of a recovery remain diminished due to the abovementioned concerning market dynamics.

Broader Market Factors Could Limit Rebound Potential

Although the technical analysis shows that Pi Network is highly likely to bounce from the current levels, factors in the broader market may halt a recovery for Pi Network. Currently, investors’ risk appetite is relatively low to moderate and most of them prefer to invest in less-risky assets than investing in other cryptocurrencies including the Pi currency. Moreover, the protracted trade dispute between the United States and the rest of the world as well as the general macroeconomic instability also contributed to the pressure on the crypto market.

From within, Pi Network still suffers with a number of problems such as slow feature releases and doubts about its preparedness for the mainnet release. Some of the critics of the Pi Core Team include that the leadership cannot handle the increasing challenge of the project that has been expanding over the years since 2019.

The internal factors coupled with other market conditions might hinder Pi Network full recovery in the short run. Despite the positive outlook given by Craig Steven Wright and others, the community constantly complains about the lack of transparency, slow pace of the KYC integration, and the restricted access for third-party developers. Until these issues are fixed, even if the prices have recovered, it may only be a temporary phenomenon.

Will Exchange Listings Boost Pi Coin Price?

The overall market activity of Pi Network has been steadily rising and has now taken a promising turn. Trading volume has risen to $478 million, an increase of than 76% compared to its previous level. This is a clear indication that many are investing in the current downward trend waiting for better indicators of improve market performance.

However, there is one disadvantage that may have an impact on the increase in optimism – the fact that Pi Network has not been included in the Binance Vote to List. Currently, in the second stage of voting, Binance is allowing only projects related to BNB coin to vote.

Without a listing on major platforms like Binance or Coinbase, Pi Network could continue to face challenges in attracting new investors. This absence from large exchanges suggests that PI price may struggle to maintain upward momentum in the coming weeks unless it secures new listings or makes significant progress with its platform.

Leadership and Community Concerns

The members of the Pi Core Team are under pressure from the Pi Network community. Most people think that the leadership is out of touch with happenings within the network.

Although over 125,000 sellers took part in the PiFest event some members of the community feel that the Core Team fails to respond to some profound issues such as mainnet delays, slow KYC, or the absence of listings.

One of its critics has been claiming that the Pi Core Team should start with the transparent disclosure of information, as the monthly updates now look artificial and do not reflect the key issues the communities face. Some of the recommendations that have been made regarding the project include decentralizing the decision-making process to enhance accountability.