Pi Network (PI) has seen a dramatic drop in value since its February launch on the main network, when the price dropped from nearly $3 to about $0.7925. This drop was due to the limited number of exchanges that have flooded the token, fears of an upcoming token release, and overall weakness in the cryptocurrency market.
A major factor in the price drop is the fact that major exchanges such as Binance, Coinbase, Bybit, Kraken and Upbit have not yet included PI in their offerings. On Binance, for example, 85% of users voted to list PI, but the exchange does not yet support the token. In addition, approximately 1.6 billion tokens are expected to be released in the next 12 months, which may increase supply in the market and further push the price down.
Despite these negative factors, technical indicators suggest a possible trend reversal. The Average Directional Index (ADX) has fallen from a value close to 60 to 15, indicating a weakening downtrend. The BBTrend indicator, tracking the width of the Bollinger bands, shows a bullish divergence, indicating a change in market sentiment. Furthermore, a descending wedge is forming on the PI price chart, which is often considered a bullish reversal signal.
Analysts predict that if the trend reversal is confirmed, the price of PI could reach a resistance level around $1.7980 in April. A potential rally on the major exchanges could further support this rise, as shown by the case of the Orca token, whose price rose by more than 200% after being added to the Upbit exchange.