Pi Network ( PI), which was once a promising opponent in the Cryptocurrency world, has recently seen a sharp decline in value below the $1 mark. The value of Pi Network has fallen by 44% in just tension days. This downfall came after various events like Binance ‘s decision to exclude Pi Network from its vote-to-list campaign and from allegations that the project was a scam. The future of tokens seems to be uncertain as investors lose their interest.
Pi Network Investors Flee Amid Binance Controversy
The Pi Network has been struggling recently slightly because Binance decided to exclude it from the vote-to-list campaign. Due to this decision, investors lost their confidence about the project and sold their holdings. The Chaikin Money Flow (CMF), which helps to track money movement, shows that investors are pulling out their money. This resulted in a price drop for Pi Network.
Technical Indicators Suggest Further Decline
The Pi Network is currently valued at $1.00, but the price is showing signs of weakening. According to the Relative Strength Index (RSI), it was oversold, which means it was too cheap for a short amount of time but has regained a bit. So the selling pressure might be slowing down. However, the market might be pushing the price down.
Other technical indicators, like the BB Trend, are showing that the token’s downtrend is still strong. The market remains bearish, as the BBTrend is at -40.69, which means many sellers are in control. The Pi Network must start to rise above $1.19 and must pass through key resistance at $1.43 for its recovery.
What Lies Ahead for Pi Network?
The price of Pi Network is currently around $1, and important support levels to keep an eye on are $0.92 and $0.76. There would be more losses if the price fell below these levels. The Pi Network can stand a chance for its recovery if it stays about $1.19 and heads towards $1.43. However, for this growth, there must be a significant change in the market segments, which looks difficult with the current Uncertainty.
Scam Allegations Contribute Towards Market Uncertainty
Since March 11, Pi Network has been in a critical phase. Many negative sentiments are taking the route among crypto investors. The sharp price decline has caused investors to panic and has dropped their confidence.
The well-known crypto leaders like Justin Bons, have openly challenged the Pi Network by calling it a “potential scam.”
Conclusion
The Pi Network’s future is uncertain, as the project is struggling to find stability. Due to current doubt about the token legitimacy, the price remains at risk of falling. For the recovery, Pi Network would need to gain the confidence of investors again.
Investors must closely watch the key support and resistance levels, as well as any shifts in the market. As the prices of Pi Network are at critical points, it must show signs of strength before it makes a real recovery.
FAQ
- How did the Pi Network’s price drop below $1?
The price dropped as Binance excluded Pi and further scam accusations.
- What is Pi Network’s current price?
The current price of Pi Network is around $1
- How much value Pi network has lost so far?
It has fallen by 44% in 10 days.
- What are the scam allegations about Pi Network?
Some people, like Justin Bons, think it could be a scam.
- What does Pi Network need to recover?
It needs to regain investor confidence.
Glossary
- Pi Network – A cryptocurrency project launched in
- Chaikin Money Flow (CMF) – A mechanism for the movement of money in and out of a cryptocurrency.
- RSI (Relative Strength Index) – A tool that checks if a crypto is overbought or oversold.
