Pi Network (PI) is under pressure from a broader bearish outlook in the cryptocurrency market. Over the past four weeks, PI's price has dropped over 68%, raising concerns among investors and network participants.
Major Headwinds for the Pi Team
The Pi Network team is facing significant challenges in maintaining interest following the hyped token generation event. Major centralized exchanges, including Bybit, have declined to list PI, which has not helped to boost interest. Despite publishing updates, a positive impact has yet to be seen. Recently, the team announced changes in the user verification process, moving from phone number verification to email-based two-factor authentication.
Technical Analysis and Prospects
Since reaching its all-time high of $2.99 in February, Pi has continued to decline. Currently, the price is retesting support around 72 cents. A breach may lead to further declines, but a potential rebound is also possible. However, a substantial sell-off by early adopters is significant and weighs heavily on the potential formation of a bullish trend in the near term.
Pi Network FAQs
Can Pi Coin reach a new all-time high? A rebound from current support may start a rally to a new high, but recent sell-offs could hinder momentum. Why did Binance refuse to list Pi Coin? Binance excluded Pi because it isn't on the Binance Smart Chain, making it ineligible for a listing vote. Is Pi Coin a good investment now? Pi Coin remains volatile; a recovery above $1 may signal bullish momentum, but further declines could pose risks.
Pi Network continues to face challenges amid the current market conditions. Despite difficulties, the team needs to keep adapting to the rapidly changing cryptocurrency landscape to improve its standing.
