The price of Pi Network (PI) has dropped below $0.40, hitting historic lows against a backdrop of anticipated token unlocks and rising exchange reserves.
Pi Network Price Falls to Historic Low
Just recently, the price of Pi Network's token (PI) plunged to a new record low below $0.40, with its market capitalization diving to approximately $3.13 billion. This makes the asset the 44th largest in the crypto sector.
Factors Contributing to Price Decline
The primary reason for the recent downturn appears to be a correction in the broader digital asset market, where Bitcoin temporarily dropped below $114,500, and Ripple (XRP) lost the psychological level of $3. Other contributing factors include upcoming unlocks scheduled over the next month and the increasing amount of assets stored on crypto exchanges.
Bullish Outlook
Despite the negative sentiment, the Relative Strength Index (RSI) for PI has moved into oversold territory, suggesting a potential short-term rebound. Typically, readings below 30 are viewed as buying opportunities.
The situation surrounding the Pi Network token remains tense, but some technical indicators may provide hope for a possible rebound in the near future.
