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Despite the turbulence, many investors remain optimistic about the Pi Network price, believing in its long-term potential. However, bearish signals and skepticism from industry experts continue to cloud its trajectory.

Since its listing on multiple Pi Network exchanges on February 20, the Pi Coin price has been highly volatile. Initially listed at $2 per token, its value plunged to $0.60 before rebounding. As of today, the Pi crypto price trades at $1.59, struggling to regain its earlier highs.

Pi Network (PI) price tested the $1.52 support on March 8. Source: TradingView

Despite the rollercoaster ride, some investors are actively accumulating Pi Network Coin. Chien Dong, a long-time Pi Network supporter, describes his investment strategy as akin to “casting a fishing net,” placing multiple buy orders at different price levels. “If the price drops significantly, I wait for sellers to exit before buying at the bottom,” he explained.

Pi’s listing fell short of community expectations, with many early miners anticipating a valuation between $500 and $1,000 per token. The disappointment led to widespread sell-offs, yet a portion of the community continues to accumulate, convinced that Pi’s mainnet launch signifies real Pi cryptocurrency value.

Pi Network, launched in 2019 by Stanford researchers, gained popularity due to its mobile-friendly Pi mining process. Over the years, it has amassed over 60 million users worldwide, with 12 million having completed Know Your Customer (KYC) verification.

The KYC and Mainnet migration deadline is extended to 8:00 AM UTC on March 14, 2025, for final balance verification and migration. Source: Pi Network via X

In some regions, investors are making bold moves despite regulatory uncertainties. Van Thanh, administrator of a Pi community in Hanoi, notes that some members have invested significant sums. “Even with skepticism surrounding the project, people continue to buy because they believe in its future,” he said.

Meanwhile, local traders are capitalizing on the growing demand. Some have established dedicated Pi Coin trading groups, earning substantial profits through price arbitrage. “I can make anywhere from $2,000 to $3,000 in a single trade,” one trader revealed.

The Pi Coin market has struggled to find direction in recent weeks. Technical indicators show a weakening bullish momentum, with a 20% drop in its On-Balance Volume (OBV) since March 6. Additionally, the Elder-Ray Index recorded a negative reading of -0.0070, signaling that selling pressure outweighs buying interest.

Pi Coin price could retest $1 if it breaks the $1.52 support. Source: Abdulbasetbasher on TradingView

Pi currently hovers around $1.59, with strong resistance at $2.12. A decisive break above this level could propel the Pi Network Coin price toward its previous high of $2.99. However, if the bearish trend continues, Pi risks sliding further, with critical support at $1.52.

While Pi Network has cultivated a dedicated following, industry experts remain cautious. A blockchain analyst pointed out key concerns, including the project’s lack of full decentralization and transparency. “Pi’s system still relies on multiple approval layers, contradicting the core principles of blockchain technology,” the analyst noted.

Transparency issues also persist, with questions about the distribution and control of Pi wallets. Unlike Bitcoin, which records every transaction publicly, Pi transactions lack the same level of visibility. “Large amounts of Pi are manually distributed, and we don’t know who controls the wallets,” the analyst warned.

Skepticism extends to mainstream crypto exchanges. Bybit CEO Ben Zhou recently labeled Pi Network a “scam” and refused to list the token. His claims echoed concerns raised by Chinese authorities, who previously issued warnings about scams involving Pi transactions.

Despite the challenges, Pi’s community remains hopeful. Speculation around a potential Pi Network Binance listing has fueled optimism, with many believing such a move could push Pi crypto value to new all-time highs. However, until concrete developments materialize, the token remains vulnerable to speculative trading and market sentiment.

Pi Network Coin price must exceed the $1.80 resistance to revive the bullish momentum. Source: Matijakelekralj on TradingView

Ultimately, Pi Network’s success hinges on its ability to prove its value beyond speculation. Industry experts suggest that partnerships with reputable tech firms or the development of real-world applications on the Pi blockchain could provide the necessary foundation for long-term growth.

For now, the market remains divided. While some see Pi as an opportunity, others warn of potential risks. As volatility continues, investors must tread carefully, keeping an eye on both technical indicators and project developments in the coming weeks.

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