Founder's Speech Useless! Pi Network Investor Sentiment Turns Icy Cold!

▲ Pi (PI)/ChatGPT generated image ©

Despite the founder's speech at a major global conference, which drew the attention of cryptocurrency investors worldwide, Pi Network (PI) continued its decline for three consecutive days, slipping below $0.18. With even technical indicators pointing to a clear bearish trend and key support levels being threatened, market anxiety over a further crash is escalating.

According to investment media FXStreet on May 8 (local time), Pi Network co-founder Nicolas Kokkalis delivered a speech on identity verification amid the advancement of artificial intelligence at Consensus 2026 on Thursday. Despite the consecutive appearances of key figures, following Dr. Chengdiao Fan's speech the day before, individual investors' interest in the project is actually cooling down.

According to data from the data analysis platform Santiment, Pi Network's social dominance plunged from 0.034% on Wednesday to 0.008%. The media analyzed that the renewed geopolitical tensions between the US and Iran, which caused the overall cryptocurrency market sentiment to shift towards risk aversion, critically impacted Pi Network's deteriorating social metrics and price decline.

From a technical perspective, a bearish trend is dominant. Pi Network was pushed below its 100-day exponential moving average at $0.1845 on Wednesday, facing upward resistance, and then surrendered its 50-day exponential moving average at $0.1784, extending its decline. The Relative Strength Index on the daily chart is also hovering below the baseline at 46, and the Moving Average Convergence Divergence (MACD) has also broken below its signal line, forming a negative histogram, suggesting continuous downward pressure.

Experts warned that if Pi Network confirms a daily close below the ascending support trendline of $0.1735, a downward breakout from the symmetrical triangle pattern would be formalized. In this scenario, a deeper correction could occur, pushing the price beyond the April 13 low of $0.1633 to the February 23 low of $0.1556.

On the other hand, if it succeeds in a rebound and breaks above the 50-day and 100-day exponential moving averages, it could target the $0.2 mark, followed by the long-term resistance level of $0.2293.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*