Pi Network, Falls Below $0.63 Level

# Pi Network Faces Price Slump Amid Increased Supply Concerns Pi Network(PI), a cryptocurrency facing increasing challenges, has seen its price drop to $0.63, breaking below last month's low of $0.6417. The continuous decline highlights growing uncertainty in the market regarding the token's supply and demand dynamics. According to CoinMarketCap on November 3 (local time), Pi Coin’s price dipped below the $0.70 mark, extending its downward trajectory. This represents a sharp 77% decline from its peak of $2.98 recorded last month. Over the same period, the token’s market capitalization has plummeted from approximately $20 billion to just $430 million, marking a significant contraction. ## Increasing Supply Sparks Market Concerns A significant factor contributing to Pi Coin’s price drop is heightened concern around its supply. Over the next year, an additional 1.5 billion tokens are expected to be brought into circulation, raising the cryptocurrency’s total supply to 8 billion coins. If supply substantially exceeds demand, market prices could face further downward pressure. Adding to the downward pressure is the token's absence from major cryptocurrency exchanges like Binance, Coinbase, and Kraken. Despite efforts, Pi Coin failed to secure a listing on Binance through its community-led voting process, falling short in both the first and second rounds of the official listing vote. This failure has dampened market sentiment and reduced investor enthusiasm. ## Technical Indicators Signal Bearish Outlook Pi Network's technical indicators continue to reflect a bearish outlook. The Relative Strength Index (RSI), a key measure of buying and selling momentum, currently stands at 32.03, signaling that the cryptocurrency is nearing oversold territory. Additionally, the Moving Average Convergence Divergence (MACD) indicator remains in negative territory, underscoring the possibility of a sustained downtrend. These indicators suggest limited recovery potential in the near term unless market fundamentals improve. ## Current Price Trend As of 4 p.m. local time (Korean Standard Time) on November 3, Pi Coin was trading at $0.6351, down 7.87% from the previous day. The persistent price decline underscores the challenges facing Pi Coin as it navigates a volatile and competitive cryptocurrency market. Investors remain cautious as supply concerns and the lack of exchange listings weigh heavily on sentiment, leaving the future direction of Pi Network uncertain.