"The Fate of Meme Coins Ends When Interest Cools" Pi Network Expected to Fall Further to $0.1310

▲ Pi (PI)/ChatGPT Generated Image ©

Pi Network (PI), which had been fluctuating like a meme coin based on social media interest, has fallen out of public view and plunged into a five-week consecutive decline, finally dropping below $0.1700.

According to investment media FXStreet on April 9 (local time), Pi Network is following its own downward path without significant rebound, despite geopolitical volatility shaking the major virtual asset market. Data from the analytics platform Santiment shows that Pi Network's social volume plummeted from 29 to 8 on March 20, and its social share also significantly decreased from 0.090% to 0.016%, proving a sharp decline in interest from individual investors.

Pi Network, lacking structural transparency, exhibits characteristics similar to typical meme coins, reacting sensitively only when speculative sentiment and community interest are high. In a situation where overall market volatility has increased due to doubts surrounding a ceasefire between the US and Iran, the weakening community support is acting as strong downward pressure, suppressing prices in the spot market.

Technical indicators also unanimously point to a grim outlook. Pi Network's current price is trapped below the 50-day, 100-day, and 200-day exponential moving averages. The 50-day EMA at $0.1821 and the 100-day EMA at $0.1910 form strong resistance barriers, while the 200-day EMA at $0.2466 further solidifies the long-term bearish structure. The Relative Strength Index on the daily chart recorded 41, below the midpoint, suggesting that buying momentum is gradually drying up.

However, subtle signs of change are observed in the short-term trend of the Moving Average Convergence Divergence (MACD) indicator. The indicator is approaching the signal line, suggesting a potential bullish crossover that would signal a buy, and the gradually shrinking histogram bars indicate that market selling pressure has somewhat subsided.

For Pi Network, which has been steadily trending downwards amid public indifference, to stop its fall, it must prove support at the defense line of $0.1556, the low of February 23. If even this key support level is breached, the next bottom would be $0.1310, the low of February 11, and if that breaks, there is a risk of falling to unfamiliar price levels never before experienced. Conversely, to reverse the trend, it must break through the stacked resistance barriers at $0.1821 and $0.1910 in succession to break the macroscopic downward trend.

*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.*