The Pi Network (PI) token has seen a significant price drop, shedding over 17% in the past 24 hours, drawing attention from investors and analysts.
PI Network Token Freefall
The price of Pi Network token has slumped to $1.10, losing over 17% in the last 24 hours. The token has slipped several places in Coinmarketcap's rankings, now placed 17th with a market cap of approximately $7.7 billion. Previously, on February 20, Pi Network entered the Open Network phase, which led to a price surge to almost $3, but the price has significantly declined since.
Factors Influencing PI's Decline
A major factor in PI's slump is the conclusion of the KYC process. The Grace Period, which allowed users time for identity verification, ended on March 14 without extension. Binance held a community vote recently where over 86% supported listing PI, but has yet to act. Major exchanges like Coinbase and Kraken have avoided PI, adding to investor skepticism. Bybit publicly stated they would not list PI, calling the project a scam.
PI/USDT Price Analysis
Analyzing the PI/USDT chart on Tradingview shows a descending channel in the 4-hour time frame. The current price sits at crucial support around $1.10. If bulls manage to hold this level, the price could return towards the 20-day Moving Average at $1.37, but failure may push it down to $0.87.
The future of PI remains uncertain. Investor sentiment, exchange support, and broader market trends will play crucial roles in determining whether PI can recover from its slump or continue its downward trajectory.
