The Pi Network (PI) cryptocurrency is showing a strong recovery after an initial decline caused by its mainnet launch and subsequent sell-off. Today, the PI price has surged 45% to reach $0.97.
Sell-Off Pressure Weakens
The initial price decline was influenced by early miners selling off PI tokens they accumulated before the mainnet launch. As these sellers have now exited their positions, selling pressure has eased, allowing the price to stabilize and start recovering.
Pi Network Responds to Allegations
A significant factor in the earlier decline was negative sentiment from accusations against the project. Bybit CEO, Ben Zhou, labeled Pi Network as a scam and stated that the exchange would not list the token. In response, the Pi Network team clarified their position, addressing misinformation and defending the project's legitimacy. They highlighted that there are no ties with Bybit, and the warnings from Chinese authorities targeted fraudsters misusing Pi Network's name. The team remains committed to building its ecosystem, which already includes over 60 million users.
Future Prospects for Pi Network
On the 30-minute PI/USD chart, the token has shown strong recovery. If the current bullish momentum continues and the price surpasses $1.02, the next significant target will be $1.25. However, in case of a retracement, key support levels at $0.84 and $0.79 are crucial to maintain the bullish trend.
Pi Network (PI) is showing signs of recovery following a recent price drop and accusations. If growth continues and key resistance levels are surpassed, PI has the potential for further price appreciation. Investors, however, should remain cautious due to high market volatility.
