Pi Network’s PI token plunged suddenly dropping over 8% on weekly scale as Bitcoin calmed at $78,000 during weekend trading. The asset lost crucial support at $0.165 which some analysts believe opens door for another drop to new all-time lows. Pi Network also fell out of top 50 altcoins by market capitalization according to latest rankings.
CoinCodex shows 24 technical indicators flashing sell signals compared to only three bullish indicators while Fear & Greed Index remains in “Fear” territory near 34. Pi continues trading below major moving averages including 20, 50, 100, and 200-day EMAs indicating sustained bearish pressure. Bitcoin’s recent move below $80,000 dragged several altcoins lower with Pi struggling to recover after facing rejection near $0.19 resistance zone.
Token inflation remains one of biggest concerns surrounding Pi right now. Roughly 174 million Pi tokens are expected to enter circulation over next month adding fresh sell pressure to market. Crypto commentator MOON JEFF pointed to token inflation as main factor hurting Pi’s performance noting Pi previously traded near $3.40 before falling toward current $0.17 range.
Despite weak price action, Pi Network’s ecosystem continues expanding steadily. The network recently crossed 18.1 million verified users and completed more than 16.7 million mainnet migrations. Protocol 23 upgrade remains one of biggest developments for network this month with Protocol 22 previously pushing Pi nearly 9% higher before momentum faded.
Total crypto market cap remains below $2.680 trillion after losing more than $100 billion since Thursday high. Larger-cap altcoins ETH, XRP, SOL, and BNB are slightly in red while TRX, ADA, and DOGE marked insignificant gains.
Disclaimer: This article presents market information and trends for educational purposes only. It does not constitute financial advice. Cryptocurrency investments carry high risk including potential total loss of capital. Always conduct thorough research and consult licensed financial advisors before making investment decisions.
