Pi Network has experienced a significant decline in its price over the past week, with a 20% crash in the last 24 hours, bringing the price down to $0.44 and pushing it out of the top 30 cryptocurrencies list. Investors have lost hope for a price recovery and are expecting a further 60% drop to $0.1. The overall market sentiment for Pi Coin has turned extremely bearish as a result of this continuous downward trend.
The Pi Network price has been plummeting with no support levels being respected and facing strong selling pressure, resulting in daily trading volumes reaching $500 million. Investors have been losing faith in the project due to delays in the mainnet launch, KYC process, and other factors. This lack of confidence has led top crypto exchanges like Binance and Coinbase to distance themselves from listing Pi Coin on their platforms. PiDaoSwap has also expressed concerns over delays in receiving KYB approvals, prompting the launch of NFTs on Binance Chain as a temporary solution.
Experts are now speculating that the Pi Coin price could drop to $0.1, given its poor performance and 85% decline from its February high of $3.0. Four main factors could contribute to this potential drop. Firstly, there is a risk of mass sell-off once unverified holders complete KYC, leading to a flood of supply in the market. Secondly, the lack of major exchange listings on platforms like Binance or Coinbase could impact market confidence. Thirdly, a broader crypto market downturn, especially if Bitcoin drops below $70K, could trigger altcoin selloffs, with Pi likely to be heavily affected. Lastly, stagnant growth in utility projects could result in Pi losing momentum and falling to a penny-coin status.
Based on the current trend, the Pi Coin price prediction suggests that the altcoin will likely be trading below $0.40 over the next month. To prevent further downside and regain trust within the community, the Pi core team needs to take decisive action. Despite the challenges facing Pi Network, there is still potential for a turnaround if strategic measures are implemented promptly and effectively. Investors will be watching closely to see how the project navigates through these turbulent times and whether it can recover from the recent setbacks.
