Crypto’s Pi Network coin (PI) has remained flat over the past week, trading at approximately $0.63, following a sharp 80% decline from its February post-mainnet launch peak of $3.

Despite a recent bullish breakout to $0.7860, PI has since retreated, raising questions about its future trajectory and potential exchange-traded fund (ETF) ambitions.

Analysts note that PI had previously formed a falling wedge pattern—a typically bullish signal—followed by a temporary price surge.

However, the coin now exhibits a bearish head-and-shoulders pattern and is trading below the 50-period moving average.

Technical indicators suggest PI may drop to this month’s low of $0.40 unless it confirms a double-bottom rebound at $0.6040.

A breakout from that pattern could push the price toward the $1 psychological level.

Pi Network, known for its mobile-first mining model, has garnered a large and enthusiastic global following, particularly in countries like Nigeria, India, and Vietnam.

This fervent community has started calling for a Pi Coin Exchange-Traded Fund (ETF), following recent approvals of Bitcoin and Ethereum ETFs and speculation about a potential XRP ETF.

Despite the buzz, there are currently no official plans for a PI ETF.

Regulatory hurdles remain significant, with the SEC’s strict criteria for ETF approval, including market maturity and trading volume, still unmet by Pi Network.

The conversation around a potential PI ETF reflects the growing optimism in the crypto market amid a more favorable regulatory climate under President Trump.

However, financial experts caution that enthusiasm alone may not be enough to overcome the substantial regulatory barriers ahead.