Pi Network (PI) has been trapped in the wider crypto market bearish outlook. The mid-cap altcoin, with a fully diluted valuation of about $7.5 billion and a 24-hour average traded volume of about $196 million, has dropped over 68 percent in the past four weeks to trade about $0.723 on Monday, March 31, during the early Western financial markets.

Pi Team Encounters Major Headwinds 

The Pi team has struggled to keep the network vibrant following the hyped token generation event and the notable pushback from top-tier centralized exchanges, led by Bybit. The Pi team has attempted to publish several network network updates, but none has stirred bullish momentum to date.

Late last week, the Pi team announced an update on mainnet migration and account verification. The Pi team announced that it has shifted from relying primarily on phone numbers to using email-based two-factor authentication (2FA) verification.

What Next?

Since hitting its all-time high (ATH), of about $2.99 on February 26, Pi price has been trapped in a falling trend, characterized by lower lows and lower highs in the 4-hour and daily timeframes.

From a technical analysis standpoint, PI price is currently retesting the last major support level of around 72 cents. A consistent breach of the current support level will result in a renewed selloff in the coming weeks. 

A potential rebound from the current support level will kickstart a fresh bull rally toward a new ATH. However, the accelerated PI coin selloff, by the early adopters in the past six years, has heavily weighed down on possible bullish sentiment in the near term.