The Pi Network faces uncertainty following an unexpected setback from Binance. Will PI truly reach $2? Market signals and potential scenarios are analyzed for this mobile-mined crypto.
The cryptocurrency market has experienced a turbulent week with major events that have shaken the landscape. The U.S. Federal Reserve has made its decisions, and the long-standing XRP versus SEC lawsuit has finally been resolved, bringing some relief to the community. However, the Pi Network has faced significant challenges.
The price of the PI Network is declining. Source: CoinGecko
The migration and Know Your Customer (KYC) process is now complete, but many users have failed to claim their tokens. As a result, Pi has fallen behind in the market, raising doubts about the right time to buy it.
Among the top 100 cryptocurrencies, Pi was the worst performer last week, losing more value than others. A blow came when Binance refused to list it. They stated that any token not listed on the Binance Smart Chain is not eligible for voting, thereby excluding Pi from any consideration.
The Pi token has dropped below the $1 mark after reaching a historic high of $3 following the launch of its mainnet on February 20. It hit lows around $0.70, leaving many investors uncertain about the future. However, it has rebounded, trading around $0.96. Despite this decline, analysts see a potential for a rebound, and there are signs that a breakthrough could occur. If the support level holds, Pi could push towards $2.
Trading volume saw an initial rise but then decreased, indicating that sellers currently dominate the market. This weakens the buyer momentum. After a 3% decline, the price is approaching the critical support level of $0.70. If it breaks, this could lead to further declines, potentially down to $0.50 or $0.10. On the positive side, if Pi regains the $1 level, this could trigger a bullish move towards $1.20, offering hope for recovery.
Despite the recent setbacks experienced by the Pi Network, analysts remain optimistic about its rebound potential. If the token manages to regain the $1 threshold, it could pave the way for a progression up to $2. However, a break below the $0.70 support could lead to further concerning declines. Investors will need to closely monitor the project’s development in the coming weeks. If you wish to purchase Pi Network, you can do so easily on Weex. Take advantage of the current offer for new users!
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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