The Pi Network token has seen a sharp decline, losing over 17% in the past 24 hours. We explore the key factors driving this decrease.
Factors Contributing to PI's Downfall
A major factor in PI's price drop is the conclusion of the KYC process. The grace period, allowing users to complete verification, ended on March 14 without extension.
Another critical aspect is Binance's silence. Despite community support for listing PI on Binance, the exchange has not acted. The absence of backing from major exchanges like Coinbase and Kraken fuels skepticism among investors.
PI/USDT Price Analysis
The PI/USDT chart on the 4-hour timeframe shows a descending channel. The current price holds at support around $1.10, aligning with the channel's upper trendline. While clear reversal signs are absent, successful bull resistance could return the price to the 20-day moving average of $1.37.
PI's Future on the Market
PI's future remains uncertain, facing various challenges. Investor sentiment, exchange support, and market trends will be crucial in determining PI's next steps.
PI is under pressure due to the KYC process completion and lack of major exchange support. Investors should closely monitor developments considering current market trends.
