Pi Network : Will PI Price Rebound After a Sharp 30% Drop ?
Pi, the crypto that sparked massive excitement, is now experiencing a sharp 30% drop. What caused this tumble and can we anticipate a rebound? Experts analyze the situation.
Hope of Liftoff Dashed for Pi Network Token
The PI, the cryptocurrency developed by the Pi Network, was recently launched with high expectations. Seen as a unique opportunity to mine a crypto aligned with decentralization values, it quickly gained a significant base of enthusiastic users.
However, reality quickly caught up with the hopes. In just a few days, PI plummeted by nearly 30%. The token went from a peak of $1.11 to only $0.78. Currently, it is trading around $0.82, close to its all-time low.
According to analyst Investographer, several factors explain this sudden descent. Firstly, the rejection by Binance to list PI was a hard blow for the community, which was hoping for strong visibility and liquidity through this listing.
Furthermore, the lack of real decentralization in the project is being criticized. Unlike decentralized cryptocurrencies, PI operates in a highly controlled ecosystem, limiting the liquidity and free circulation of tokens. Users cannot easily buy, sell, or transfer their PI, raising concerns about the project’s centralization.
Possible but Uncertain Rebound
From a technical perspective, PI is approaching key support levels. The nearest is at $0.60, while a short-term support is around $0.77. If the price falls below $0.77, it could further drop towards $0.70 and even test the $0.60 threshold.
On the upside, the major resistances are at $1 and $1.20. These levels will need to be surpassed to hope for a significant recovery. Technical indicators, like the Relative Strength Index (RSI), are currently in an oversold zone, reflecting the ongoing bearish phase.
The future of PI will largely depend on the project’s ability to address decentralization and liquidity issues. If buyers regain control, PI could break resistance and climb to $1.22, or even $1.80 if the bullish momentum continues. However, if sellers dominate, the price could drop to $0.64, and a failure to hold could lead to a new all-time low.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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