Pi Network price has crashed by almost 80% from its highest level in February, erasing over $9.4 billion in value as the market cap dropped from $13.8 billion to $4.4 billion. Pi coin ( PI ) token was trading at $0.6360 on Monday, a level it has maintained since April 15. It has dropped from being the 11th-largest cryptocurrency to the 31st position. At least four things need to happen for the Pi Network price to recover and reach its all-time high. What needs to happen for Pi coin price to recover First, the cryptocurrency market needs to recover from the ongoing bear market. Historically, most altcoins do well when Bitcoin ( BTC ) is rising. For example, most altcoins reached their multi-month or multi-year highs in November, as Bitcoin surged. Second, Pi Network’s team needs to address its tokenomics, which has contributed to its ongoing sell-off. A key concern is that the network will unlock over 1.5 billion tokens in the next twelve months. The average monthly unlocks is 130 million tokens, currently valued at $83 million. The team attempted to address these concerns by addressing the tokenomics issues. However, the statement demonstrated that most of all Pi tokens are controlled by insiders, raising a risk of a Mantra-like collapse . You might also like: 4 reasons why soaring Mantra price may crash soon Pi Network’s core team is allocated 20 billion tokens, while the foundation has 10 billion tokens. Another 5 billion tokens are allocated, meaning that the team controls 35 billion of them. On the other hand, millions of pioneers are allocated 65 billion tokens. Third, Pi Network price may rebound to a record high if tier-1 exchanges list it. Most of the Pi coin’s trading is happening in Gate, Bitget, OKX, and MEXC. A listing by tier-1 exchanges, such as Binance, Coinbase, Kraken, and Upbit, would trigger a short squeeze. For example, Kaito price surged , while StakeStone and WalletConnect tokens rose by 20% and 27% after exchange listings. Orca price soared by over 200% after its Upbit listing. Furthermore, the token could surge if its ecosystem expands, a development that will create utility for the network. Pi Network price analysis Pi price chart | Source: crypto.news The four-hour chart indicates that the Pi coin price has been moving sideways over the past few weeks. It is consolidating at the 50-period moving average, while the Average True Range, a popular volatility indicator, has plunged. The Pi Network price has formed a double-bottom pattern, with its neckline at $0.7857, its highest level this month. Therefore, the coin will likely bounce back and retest the key resistance at $1, up by 58% above the current level. A drop below the double-bottom may invalidate the bullish outlook. You might also like: Cardano price could surge 110%, but there’s a catch
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