The value of Pi Coin from Pi Network continues to decline, recently experiencing a drop of over 9%, trading at approximately $1.26. The current situation is accompanied by strong selling pressure.
Technical Analysis of Pi Coin
Technical indicators for Pi Coin reveal increased selling pressure and negative price movements. The Rate of Change (ROC) at -19.06 indicates a significant loss of momentum, signaling increased selling pressure. The Relative Strength Index (RSI) at 36.10 shows that Pi Coin is approaching the oversold territory, which could lead to a short-term recovery. The Commodity Channel Index (CCI) at -111.43 indicates a strong negative trend. Despite weak buying activity noted by the MACD at 0.26, volatility remains.
KYC Process Completion in Pi Network
The KYC process in the Pi Network has been completed, leading to price fluctuations. Users who did not complete KYC lost their Pi Coins, causing a decrease in market supply. While some analysts view this development positively in the long term, it has created uncertainty in the short term. Users who completed KYC can now utilize their mined coins, increasing selling pressure and contributing to the price drop.
Potential Listings on Major Exchanges
Rumors about potential listing of Pi Coin on exchanges like Binance and Coinbase impact price movements. However, there is no official announcement regarding these listings, which further heightens price pressure. Developments regarding listings on Binance or Coinbase could significantly increase Pi Coin's price. In the short term, surpassing the $1.50 resistance level is critical.
Technical data suggests that despite continued selling pressure, approaching oversold levels may facilitate short-term recoveries. Attention to the KYC process and potential listings on major exchanges remain key factors for investors.
