Is the Pi Network losing the community's trust as the price falls by 30% in June?

Pi Network is facing increasing skepticism from the community after a sharp 30% fall in price in June. This decrease occurs against the backdrop of a broader crypto market downturn, sparking debate about the project's future and the ability to maintain holder confidence ahead of the long-awaited Open Mainnet launch. While the project's leadership emphasizes a long-term growth strategy based on utility, the recent weak price situation has become the main focus for the project's user group. The pain of the broader crypto market is greater, but Pi still holds important advantages. Cryptocurrency at large is under pressure. Bitcoin, Ethereum, and Solana have all seen significant falls, and their decline has impacted the entire digital asset space. Therefore, the price action of Pi must be understood in the context of this broader crypto market. Despite the recent decline, Pi has a unique growth story. Unlike many other tokens, Pi is still in a closed Mainnet phase, which limits its exposure and circulation. This restricted access has prevented full market price discovery but has also shielded Pi from harsher market fluctuations. Short-term price action shows mixed signals As of the time the press reported, Pi is trading around $0.5091, slightly down for the day. The price has recently recovered from a low of $0.475, indicating that buyers are participating. If the upward momentum continues, a retest of the resistance level at $0.520 may occur. However, any break below $0.490 could create new downward pressure towards the support level at $0.475.

The technical indicators provide further clarity. The MACD shows weak bearish momentum, while the RSI is at 29.70, indicating an oversold condition. This indicates that Pi may be near a local bottom. However, traders should wait for stronger volume or a clear price breakout before confirming the trend reversal.