The price of Pi Network token (PI) has dropped over 17%, reaching $1.10 and sliding seven places in Coinmarketcap ranking.
Factors Contributing to PI's Price Drop
One major factor in the slump is the conclusion of the KYC verification process, which ended on March 14. This uncertainty led to panic selling. Additionally, Binance's silence and other major exchanges' avoidance of PI have added skepticism among investors.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview shows a descending channel on the 4-hour time frame. Currently, the price is sitting at crucial support of around $1.10. If the bulls manage to hold, the price may return to the 20-day MA at $1.37. However, failure to hold could lead to a further decline to $0.87.
Conclusion and Outlook
The future of Pi remains uncertain. Market trends, investor sentiment, and exchange decisions will play significant roles in determining whether PI can recover or continues its descent.
With prices decreasing, the community and investors must stay alert to external factors influencing the token's future.
