TLDR
- Pi Network (PI) topped Zypto VISA card usage poll, beating XRP and DASH despite price struggles
- PI token price dropped 22% to $0.65 in one week amid broader crypto market sell-off
- Technical analysis shows descending wedge pattern but lacks clean confirmation signals
- Token faces resistance at $0.66 level with weak demand and selling pressure continuing
- Usage poll shows real-world utility despite price declining from May highs of 188% gains
Pi Network has claimed the top spot in a recent cryptocurrency usage poll while its token price continues to fall. The digital currency beat XRP and DASH in Zypto VISA card usage over the past week.
The poll asked crypto users to guess which digital currency was most used for card top-ups. Pi Network took first place, with DASH coming in second and USD1 securing third. XRP finished last in the survey results.
Poll organizers revealed that DASH has topped similar weekly polls before. This time, Pi Network managed to claim the number one position. XRP recorded lower activity than usual for card top-ups within the Zypto community.
So, your guess for which of these cryptocurrencies were used most over the last 7 days was:
1st: $Pi
2nd: $USD1
3rd: $XRP
4th: $DASHWell, you got 1 out of 4 right! 😂$Pi was indeed the most used of the 4, but $DASH was VERY close in 2nd place. Other weeks it’s actually been… https://t.co/HCiTpOaOSz
— Zypto App (@ZyptoApp) June 1, 2025
The usage milestone comes as Pi Network’s market performance struggles. The token price dropped 22% in one week, falling to $0.65 as of May 31, 2025.
This sharp decline happened during a broader market sell-off. The global cryptocurrency market lost over $170 billion in total value within days.
Several factors contributed to Pi Network’s price drop. The project team has not released major updates or positive developments recently. Pi Network still lacks listings on major crypto exchanges, keeping liquidity low.
Technical Analysis Shows Mixed Signals
On the technical side, Pi Network appears to be forming a descending wedge pattern on the 12-hour chart. This pattern typically signals the end of a downtrend.
However, the wedge pattern has some issues. The two trendlines were not tested frequently enough, especially the lower one. A large blank space appeared on the lower side between May 20-29.
The pattern may not be clean enough for a swift recovery. The Money Flow Index shows momentum remains bearish. The On-Balance Volume indicates slow selling volume over the past ten days.
On the 4-hour chart, the OBV descent over the past week became clear. This highlights selling pressure that forced Pi Network to test lows made on May 8.
PI Price
Price Struggles at Key Resistance Level
At press time, Pi Network was trying to scale the $0.66 resistance level. This effort may not succeed immediately since the OBV has not reversed its downtrend yet.
The MFI shows some bullishness, but without steady demand, PI will likely fail to flip the $0.66 level to support. Early May saw PI post a 188% bullish move, followed by a 63% price drop that erased all May gains.
This volatility could scare investors away from the token. The Fibonacci retracement levels show the $0.8 level as the next key resistance on the daily timeframe.
Analysts warn that continued selling pressure could push Pi’s price below its current support level of $0.55. The token could potentially touch a historic low of $0.40.
A strong buying response might push the price back to $0.86, but such a rebound appears unlikely unless the downtrend reverses. The widening gap between growing utility and falling token price raises questions about long-term investor confidence.
Pi Network’s performance in real-world use cases like Zypto VISA card transactions shows the project still appeals to everyday users despite the current price decline.
The post Pi Network (PI) Price: Technical Analysis Shows Descending Wedge Pattern appeared first on CoinCentral.
