Amidst a sharp decline of over 17% in the past 24 hours, the price of Pi Network's token has plummeted to $1.10. This article examines the reasons behind the drop and the token's future outlook.
Factors Behind PI's Price Drop
A major factor in PI's price decline was the conclusion of the KYC process. The Grace Period for identity verification ended on March 14 without extension, creating uncertainty and panic selling. Additionally, Binance's silence despite support from OKX, Bitget, and MEXC frustrated investors. Major exchanges like Coinbase and Kraken avoided PI, while Bybit openly refused to list it, calling the project a scam.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview shows a descending channel on the 4-hour timeframe. The price is currently at a crucial support of around $1.10. While there are no clear signs of reversal, bulls may attempt to push the price toward the 20-day Moving Average (MA) at $1.37. If unsuccessful, the price could fall to the lower support at $0.87.
Future of PI Token
The future of PI remains uncertain; however, it is clear that the token faces multiple challenges. Investor sentiment, exchange support, and broader market trends will play crucial roles in determining its recovery or continued decline.
Despite the recent downturn, buyers will seek to restore the price to the 20-day Moving Average. PI faces numerous challenges, with investor sentiment and support from top exchanges playing key roles in its future.
