The PI token from the Pi Network continues its decline despite a recent recovery. Current market trends and new security measures are in focus.
PI Token Price Dynamics
The PI token has been on a consistent decline for 13 days after briefly recovering above $1.79. Over the last 24 hours, it has lost over 3% of its value. Factors such as token unlocks, increased activity on centralized exchanges, and major exchanges ignoring listing requests have added to the pressure on the PI token. In the past week, PI has dropped over 20%, falling from 17th to 27th in market rankings according to Coingecko. Its market cap stands at $6.2 billion, reflecting a loss of more than $1.4 billion over the same period.
New Security Measures by Pi Network
Earlier this month, Pi Network introduced two-factor authentication (2FA) to enhance user security. This feature ensures the integrity of users' accounts and Pi tokens, marking a critical step in transitioning from an enclosed mining app to the mainnet Open Network.
PI/USDT Chart Analysis and Breakout Potential
The PI/USDT chart on TradingView highlights a falling wedge pattern on the 4-hour timeframe. This pattern, often seen as bullish, forms when an asset's price consolidates between two downward-sloping, converging trendlines. Despite consistent lower lows and lower highs, the narrowing price range points to decreasing volatility. Support near the lower trendline of the descending channel held firm at $0.87, indicating buyers' efforts to push prices higher. Currently, PI is consolidating just below its 20-day Moving Average, which aligns with the wedge's upper trendline. The falling wedge pattern suggests growing buyer interest as selling pressure diminishes, potentially leading to a breakout above the upper trendline. Even with the addition of PiDaoSwap, a decentralized exchange, buyers have not yet shown sufficient confidence to significantly push the price. At the time of writing, PI is trading around $0.91.
The PI token faces significant market challenges, but efforts to improve security and potential technical breakouts could change the current dynamics.
