Pi Network is facing a critical moment as its price plunged 30 percent in June, sparking fear and uncertainty among holders. The drop comes ahead of the project’s highly anticipated Open Mainnet launch, adding further pressure to an already tense community.
The wider cryptocurrency sector has incurred massive losses in the course of this month. Cryptocurrencies such as Bitcoin, Ethereum, and Solana all declined significantly, adding to the bearish movement.
Nonetheless, the decline Pi has experienced has been of specific concern to many because of its timing and the rising concern regarding the project’s narrow circulation stage.
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Despite the downturn, Pi’s enclosed Mainnet remains one of its defining features, with the restricted phase limiting trading access and delaying true price discovery. Although this structure obstructed the occurrence of heavier volatility, it is still causing some questions concerning confidence in the market as prices trend downwards.
A major proponent of Pi, Dr. Nicolas Kokkalis, has argued that the most important aspect of Pi’s strength is its utility. He insists on the long-term build-up of ecosystems rather than paying attention to price action in the short term.
For the rest of the community, the latest crash has brought things to a grim reality that is focused on token value.
Price Breakdown Raises Doubts About Recovery Strength
Pi’s current price sits around $0.5091 after rebounding slightly from a low of $0.475. This small recovery suggests buying interest exists, but the move remains fragile. A sustained break below $0.490 could put additional pressure on support levels and renew the selling wave.
Technical indicators show mixed signals, with the Relative Strength Index at 29.70, placing the token in oversold territory. At the same time, the MACD indicates a weak bearish force, which could suggest a potential consolidation soon.
Resistance is around 0.520, and this will become one of the levels at which bulls will have to recuperate if momentum comes in. Unless and until an open mainnet is launched, the sentiment around Pi will stay cautious.
Source: Tradingview
To sum up, the dramatic June downtrend of the Pi Network has caused genuine concerns beyond the community. As the price action takes over the limelight, the project is under greater pressure to regain lost confidence prior to another key development.
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