Pi Coin, a cryptocurrency that once reached great heights, has experienced a significant plunge, disappointing investors.
The Hype and the Harsh Reality
Pi Coin was officially launched recently with a lot of hype among investors. However, its market performance fell short of expectations. Initially, Pi Coin saw a price surge, reaching almost $3, but soon lost about 75% of its value, currently hovering near $0.60.
Why Is Pi Coin Crashing?
Analyst Investographer pointed out that one of the main reasons for the decline was Binance's refusal to list Pi Coin, which disappointed the community. Additionally, the lack of a fully open mainnet limits its liquidity and transparency.
Technical Analysis and Recovery Potential
Pi Coin is approaching key technical levels, with the nearest support at $0.60. Breaking the resistance at $1 and $1.20 is crucial for recovery, but failing support levels might lead to new lows.
The future of Pi Coin depends on resolving decentralization and liquidity issues. If managed, it may lead to potential growth.
