The Pi Network (PI) token has experienced a significant price drop, falling to $1.10, signifying a more than 17% decline in the past 24 hours. Challenges such as the KYC process completion and lack of support from major exchanges continue to pressure the project.
Key Factors in PI's Price Drop
One major factor in PI's price slump was the end of the Grace Period for completing the KYC process on March 14, leading to panic selling. Another crucial aspect was Binance's inaction despite hosting a vote where over 86% of participants supported listing PI. Other major exchanges like Coinbase and Kraken have also stayed away from listing PI, increasing skepticism among investors.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview shows that the price is at critical support around $1.10. If sellers cannot push below this level, there could be movement toward the 20-day moving average at $1.37. Otherwise, the price may fall to the channel's lower support at $0.87.
Future of the PI Token
Despite recent setbacks, investors must remain optimistic and work towards helping the price reclaim the 20-day moving average. Exchange listings and overall market conditions will be key factors in whether PI recovers or continues to slide.
The situation around Pi Network remains challenging. Investors and potential partners will closely watch developments as the token continues to face significant obstacles on the path to recovery.
