Key Highlights:
- Pi Network has dropped below $0.18 (around $0.1726), falling nearly 4.75% in 24 hours despite recovery signs in major cryptos like Bitcoin and Ethereum, indicating relative weakness.
- Trading volume declined by about 15% to $33.5 million, suggesting reduced market activity and increased volatility.
- Meanwhile macro factors like Federal Reserve policy decisions continue to influence investor sentiment.
Pi Network ($PI) seems to come under fresh selling pressure, as it dipped over the past 24 hours even as major cryptos i.e., Bitcoin , Ethereum showed signs of recovery.
At the time of writing, Pi Network price was trading near $0.1726, i.e., down nearly 4.75% on the day. The decline places it among the weaker performers in a market that has largely moved decently. Pi’s sharper drop points to internal fragility rather than a single external trigger.
Pi Network Price Dips Amid Overall Market Recovery
Data shows the trading volume has also contracted, falling about 15% to nearly $33.5 million over 24 hours. Lower activity tends to amplify price swings, especially for cryptos that already struggle with depth in order books.
The slow down came in days after Pi surged during Thursday’s market hours. A primary catalyst to the surge followed a key announcement from major US exchange Kraken, which began PI trading on March 12th.
At the same time, macroeconomic uncertainty has added another layer of pressure. Investors are closely watching the latest policy decision from the Federal Reserve, particularly the outcome of the Federal Open Market Committee meeting. Interest rate signals and liquidity expectations often shape short-term flows into risk assets, including cryptos.
In this setting, Pi’s price structure has started to test a key support zone. The $0.17 level has emerged as an immediate floor.
This means holding above this range should enable the token to stabilize in the short term, although momentum is fairly weak. A deviation from that range could unlock new downside territory with next support approaching $0.16 or so. Recent trading is repeating a similar pattern seen in crypto markets.
As mentioned above, Pi Network had a sharp rally earlier this month following its listing on Kraken. The move drove prices up nearly 30% in a short span and caught the eyes of traders and retail users. But the rally did not last. Shortly after Pi Day, the crypto turned around, which tumbled nearly 30%, and fell back to the $0.20 range.
Analysts monitoring the movement describe it as a typical cycle driven by event-based hype. Early excitement often brings quick inflows of cash, with early participants often leading to a rapid exit, locking in gains and leaving late entrants exposed to downside risk. Technical signals during that stage had already indicated overbought conditions. Such cues often suggest that a correction might occur once the buying pressure begins to subside.
For Pi Network, the pullback unfolded swiftly, adding to fears about the token’s susceptibility to sharp reversals. Although the latter has fallen off lately, sections of the community remain optimistic about the future (especially in terms of utility and ecosystem expansion). Expectations around Pi-related applications and services still play a part in the longer-term narrative.
One of the analysts pointed out, “Following a listing-driven rally, the asset experienced a sharp correction, driven by overbought conditions and profit-taking. Such movements are common in newly listed or highly anticipated tokens, where initial demand is often followed by rapid rebalancing.”
Source: https://www.cryptonewsz.com/pi-network-pi-dips-below-0-18-despite-market/
