The price of the Pi Network token has dropped sharply, sparking discussions among investors. Let's delve into the details and potential implications.
Key Factors for PI's Fall
One of the major factors contributing to the decline of PI price was the conclusion of the KYC process on March 14. The Grace Period ended without extension, creating panic selling as users feared losing their mined tokens. Additionally, Binance has remained silent on whether it will list PI, despite 86% of its community voting in favor of it. Other major exchanges like Coinbase and Kraken have also stayed away from PI. Bybit announced it would not list PI, with CEO Ben Zhou calling the project a scam. This lack of support from top exchanges has weakened investor confidence.
PI/USDT Price Analysis
The PI/USDT chart on a 4-hour timeframe shows a descending channel. The price is at crucial support around $1.10, which coincides with the channel's upper trendline. Currently, there are no strong reversal signals. However, if bulls manage to fend off the selling pressure, the price of PI could return to the 20-day Moving Average at $1.37. If not, it might break down within the channel towards lower support at $0.87.
The Future of PI Token
Despite the current downturn, the token's future remains uncertain. Its recovery will heavily depend on investor sentiment, exchange support, and broader market trends.
The Pi Network token is under pressure due to various factors. How the situation unfolds in the future remains to be seen.
