Pi Network Price Crashes But Signals Possible Rebound

The price of Pi Network has experienced a significant drop in recent days, falling from its all-time high of $3 to around $1.6175. This decline followed the developers’ decision to extend the Know Your Customer (KYC) grace period once again, as well as the continued absence of a Binance listing. Despite this, the Pi coin is forming a pattern that suggests a possible rebound.

Potential for a Price Recovery
Analyzing the hourly chart, Pi coin reached a peak of $3.01 on February 25 but has since fallen below the 25-period Exponential Moving Average (EMA), indicating that the downward trend is still in effect.

A notable development is that Pi Network has formed a ‘falling wedge pattern’, a technical indicator that often signals a potential price increase. The upper part of this wedge connects the highest points since February 27, while the lower section links the lowest points since February 25. As these lines get closer, the token has slightly moved above the upper boundary, which may indicate an upcoming breakout.

Additionally, Pi coin has created a ‘double-bottom pattern’ at $1.6213, with a key resistance level (neckline) at $1.9640. It has also found support near the ‘61.8% Fibonacci Retracement level’ at $1.5100. Given these technical signals, there is a strong chance of a price rebound, with the next target being $3, representing an 85% increase from its current value.

Reasons Behind Pi Coin’s Decline
The recent drop in Pi Network’s price is linked to three main factors:

KYC Grace Period Extension – The developers announced another extension for the KYC process until March 14, marking the third such delay. This move is intended to allow more users to complete their migration to the mainnet, but it has also caused uncertainty among investors.

Uncertainty Around Binance Listing – The absence of a Binance listing has contributed to the price decline. Although the community overwhelmingly voted in favor of Pi Network being listed on Binance, no official confirmation has been made. However, there is still a possibility that the listing may happen in the future.

Overall Crypto Market Weakness – The broader cryptocurrency market has been affected by economic concerns, particularly due to new tariffs introduced by former U.S. President Donald Trump. These tariffs are expected to slow down economic growth, increase inflation, and pressure the U.S. Federal Reserve to take action, which has impacted investor confidence in the crypto sector.

Will Pi Coin Rebound?
Despite its recent struggles, Pi Network still has potential for a recovery. A possible Binance listing, along with listings on other centralized exchanges (CEXs), could boost its value. Furthermore, there are signs that some businesses in China, Vietnam, and South Korea have begun accepting Pi coin as payment, which could further drive adoption.

Another factor that might support Pi’s growth is the upcoming ‘Trump crypto summit’ and discussions about establishing a ‘crypto reserve’. While it remains uncertain whether Pi will be included, the fact that it is a U.S.-origin cryptocurrency could work in its favor.

With strong technical indicators and growing adoption, Pi Network may be poised for a rebound in the coming weeks. Investors and traders will be closely watching for further developments, particularly regarding exchange listings and regulatory changes.
Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG