In the past day, the Pi Network (PI) experienced a notable decline of 12%, reflecting broader trends in the cryptocurrency market. Traders remain cautious as they await key U.S. inflation data.
Current Market Trends
Cryptocurrencies like PI are experiencing reduced investor confidence amid overall market caution. Although trading volumes for the Pi Network have increased, the declining price signifies persistent selling pressure.
Critical Support Levels for PI
On March 7-8, the movement of 126 million tokens from the Pi Core Team’s wallet sparked market unease. However, PiScan, a blockchain monitoring service, clarified that these transfers were routine. With 23 million tokens expected to be released daily over the coming month, the potential for a supply-demand imbalance increases. Key support and resistance levels are identified at $1.05 and between $2.40 and $2.60 respectively.
Long-term Prospects for Pi Network
Despite current fluctuations, the long-term potential of using PI as a payment method in the real estate sector remains a positive factor. Upcoming events such as 'Pi Day' in March may provide a psychological boost, although market volatility and increasing token supply pose significant challenges in the short term.
Pi Network faces challenges amid current market conditions and increasing token supply, yet its long-term prospects as a payment method offer potential growth opportunities.
