The PI Network token price has fallen to $1.10, shedding over 17% in the last 24 hours. This article explores the reasons behind this rapid descent and future token prospects.
Key Factors in PI's Price Decline
One major factor in the PI decline is the conclusion of the KYC process in Pi Network. The Grace Period allowing users to complete identity verification ended on March 14, leading to panic selling and a price drop. Another factor is Binance's silence. In February, there were rumors Binance might list PI as OKX, Bitget, and MEXC already had. However, Binance has not taken any action yet, causing frustration among investors. Additionally, major exchanges like Coinbase and Kraken have avoided PI, adding to the skepticism. Bybit even stated they would not list PI, calling the project a scam.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview reveals a descending channel in the 4-hour time frame. Price is currently at critical support around $1.10, doubling as the channel's upper trendline. There are no strong signs of reversal. However, if bulls manage to hold off sell pressure, PI price could return towards the 20-day Moving Average (MA) at $1.37. Failure to push towards this area could see the price break down into the channel, targeting the lower trendline support of $0.87.
Future Prospects for PI Network
Despite the recent downturn, buyers need to remain optimistic to help the price reclaim the 20-day Moving Average. The future of PI remains uncertain, but it is evident the token faces multiple challenges. Investor sentiment, exchange support, and broader market trends will play critical roles in determining whether PI can recover or continue its decline.
The PI Network token is under pressure due to the end of the KYC process, lack of support from major exchanges, and skepticism within the crypto community. Future developments for PI depend on market sentiment and renewed support from key players.
