The Pi Network (PI) token has seen a drop of over 17% in the past 24 hours, reaching a price of $1.10. This decline is driven by several factors, including the conclusion of the KYC process and lack of listing on major exchanges.
Factors Affecting PI's Price Plunge
One major factor in PI’s price slump is the end of the grace period for users to complete their identity verification (KYC). This created uncertainty in the community, leading to panic selling. Furthermore, Binance has yet to list PI despite over 86% community vote support. Other major exchanges, such as Coinbase and Kraken, have also refrained from listing PI, undermining investor confidence.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview reveals a descending channel in the 4-hour timeframe. Currently, the price is sitting at crucial support around $1.10. Lack of strong reversal signs suggests further decline is possible if the bulls cannot hold off sell pressure. Failure to reach the 20-day moving average at $1.37 could lead to a further drop towards the channel's lower trendline support at $0.87.
The Future of PI Token
The future of the PI token remains uncertain given the current challenges. Investor sentiment, exchange support, and broader market trends will play crucial roles in shaping the token’s trajectory. Investors should stay optimistic to help the price recover.
Despite recent downturns, the future of the PI token hinges on several factors, including exchange support and market sentiment. Listing issues and investor confidence will dictate its future course.
