PI coin price drops 10% to key level despite major network news

• Pi Network price has dropped nearly 10% in the past 24 hours.
• Traders are likely to watch the $0.65-$0.75 range for signs of a breakout or further weakness.
• Pi Network’s focus on real-world adoption positions it for long-term growth.

Pi Network’s native token, PI, has experienced a sharp decline over the past 24 hours, falling to a critical support level despite significant ecosystem developments.

The price drop comes as major cryptocurrencies struggle to hold onto gains.

In the past 24 hours, PI price has dropped nearly 10% and cut weekly upside to about 14%, with the altcoin hovering near $0.66.

Despite the expansion of the Pi Ad Network to all ecosystem dApps, Pi Network’s price is under short-term bearish sentiment.

Tron and Cardano have also struggled, but what does this mean for the PI token?

Key Pi Network developments

In the past few days, Pi Network has posted notable network developments.

It includes a major Chainlink integration that marks a pivotal step for the cryptocurrency, which brings real-time, accurate data for decentralized applications.

For dApps, the collaboration means fresh potential for DeFi applications, prediction markets, and blockchain games, all of which could drive PI demand.

It’s the same outlook for DeFi protocols such as lending or staking platforms.

Meanwhile, the Pi Ad Network’s expansion to all ecosystem dApps introduces a new revenue stream for developers.

Advertisers must purchase PI to fund campaigns, while developers earn PI through user engagement.

Initially piloted with five apps in 2024, the Ad Network’s full rollout is expected to accelerate app development and token utility.

However, these fundamentals aside, PI’s price action reflects market hesitation.

PI price prediction

Since hitting highs near $3 in February, PI has been on a steady decline.

The token has shed significant value, with the current level about 77% of the all-time high.

A look at the four-hour chart reveals a symmetrical triangle pattern, a technical setup often signaling consolidation before a breakout.

Notably, this can go in either direction, and it’s downward for PI.

The symmetrical triangle breakdown suggests sellers are capitalizing on uncertainty, possibly due to broader market conditions or profit-taking after earlier gains.

It’s what likely has bears in control, a scenario that could push PI price below key levels.

As can be seen above, the token is now testing support near $0.65. Other than the symmetrical triangle pattern, the relative strength index and the moving average convergence divergence give sellers an upper hand. The MACD indicates a recent bearish crossover, shifting short-term sentiment after a rejection around $0.75.

If bulls fail to hold above $0.65, PI could slide toward $0.50.

However, if bullish momentum builds, PI could break above $0.8 and rally toward $1.20 in the near term.