Pi Network hints at trend reversal after pullback, but major obstacles could keep price below $1

Pi Network is showing early signs of a possible trend reversal after its recent price drop, but some ongoing obstacles may stall momentum.

At the time of writing, PI Coin (PI) is trading at $0.7796, up 6% over the last 24 hours. Still, it remains down 38% over the past week and more than 70% below its all-time high of $2.99, which was recorded in February. Trading volume also has risen slightly, with over $221 million in the past day, a 0.8% increase that suggests renewed market interest.

Looking at the daily chart, technical indicators show mixed signals. The relative strength index is near 51, which points to a neutral trend. Meanwhile, momentum and moving average convergence divergence indicators show the persistence of some selling pressure. 

While the 20- and 30-day moving averages have flipped to buy, indicating that some buying strength is returning, short-term moving averages, like the 10-day EMA and SMA, are still flashing sell signals. Support seems to be forming around $0.77, but the token will need to break above $0.84 to confirm a stronger recovery.

Although PI is showing early signs of recovery, it still faces significant challenges that could restrict any sustained price growth. Many users have been unable to access their coins since the mainnet’s February launch because of persistent Know Your Customer delays. This has caused frustration, especially among early miners who expected to freely use or trade their tokens. 

Concerns have also been raised regarding the coin’s absence from prominent exchanges like Coinbase and Binance. Although PI is traded on sites such as Gate.io, Bitget, and OKX, the lack of a Tier 1 listing has kept liquidity low and held back wider adoption.

Some community members believe the team’s limited transparency might be one reason for the lack of listings. There are also questions about the $100 million Pi Network Ventures fund, which was supposed to support new projects in the ecosystem, but has yet to show any progress.

Despite having a large user base, possibly as many as 60 million, PI still has little practical application. Beyond speculation, there isn’t much demand for the token because there aren’t many widely used decentralized apps or decentralized finance services on the network. Events like PiFest have helped build hype, but without working products or real usage, price gains don’t tend to last.

PI may target the $1 mark once more if it can maintain support above $0.77 and overcome resistance at $0.84. But if it doesn’t take off, prices might return to the $0.70 range. The price might find it difficult to increase much more unless important problems like token accessibility, exchange listings, and ecosystem growth are addressed.