Pi Network’s native token, PI Coin, took a sharp downturn on Tuesday, falling nearly 9% within 24 hours and briefly dipping below $0.074. This move pushed the price alarmingly close to its all-time low of around $0.07, reflecting growing bearish sentiment among traders. Over the past week, PI has shed approximately 19%, struggling to maintain previous support levels as selling intensified.
Price Breakdown and Market Context
Two weeks ago, PI slipped under the $0.10 support mark, igniting a fresh phase of price discovery that drove the token down to near $0.07. Despite a brief recovery attempt back to $0.10, the gains couldn’t be sustained. Instead, PI fell below the key $0.08 barrier, continuing its downward trajectory during Tuesday’s trading session.
This eroding confidence in PI coincides with broader turbulence in the crypto markets. Data from CoinGlass reveals a staggering $604 million in liquidations recently, with $531 million of those coming from long positions. The Crypto Fear and Greed Index also slid to 34 from 39 over the weekend, signaling increased caution among traders as digital asset prices face pressure.
Trader Response and Sentiment
Reflecting this contraction in interest, PI's open interest dropped from $12.14 million mid-July to $7.94 million, according to CoinAnk. This decline implies traders are reducing leveraged exposure, stepping back as volatility heightens. Ben, co-founder of BSCNew, described PI’s current market mood as “washed out,” highlighting a notable drop in confidence and buying demand.
Despite recent developments including Protocol v25, a revamped mining app, and the introduction of a move-to-earn feature the token’s price failed to respond positively. Ben emphasized his focus remains on the project’s long-term progress rather than short-term price swings.
This content is for informational purposes only and should not be considered as financial advice.
