- PI token faces strong bearish momentum with key support at $0.90 and $0.80.
- Potential Binance listing could improve PI’s liquidity and market credibility.
- RSI near oversold levels suggests a possible short-term recovery for PI.
Pi Network, a cryptocurrency that gained attention for allowing users to mine tokens on their phones, recently debuted on major exchanges with a staggering $111 billion valuation. However, the launch led to significant volatility, as the token saw a near-total collapse within hours of listing.
Initially trading at around $35, PI witnessed a massive sell-off from early adopters, pushing its price to as low as $1.59. The steep decline has sparked concerns about its sustainability and long-term viability.
Market Performance and Price Trend
PI’s price has continued to decline following its exchange debut, currently trading at $0.9170, marking a 46.04% drop in the past 24 hours. The initial price of $1.6996 quickly succumbed to strong selling pressure, triggering a downward trend. Additionally, trading volume surged by an astonishing 2,293.31%, highlighting increased market activity, likely driven by speculative traders and mass sell-offs.
Despite the sharp decline, key support and resistance levels have emerged. The $0.90 level is a crucial support zone, and a break below this could trigger further losses toward $0.80 and $0.75.
Conversely, a rebound from this point could push prices back toward $1.00 or even $1.20, where previous consolidation occurred. The $1.70 mark remains a strong resistance level, as heavy selling pressure emerged at this point.
Technical Indicators Suggest Bearish Outlook
Technical analysis indicates a bearish trend for PI, though signs of potential short-term recovery exist. The Relative Strength Index (RSI) stands at 35.19, close to the oversold territory, which may signal an incoming bounce if buyers step in. Previously, the RSI had soared above 80, indicating overbought conditions before the crash.
The Moving Average Convergence Divergence (MACD) also confirms the bearish momentum, with a negative crossover. The MACD line is positioned at -3.2028, significantly below the signal line at 6.6778, further suggesting strong downward pressure. Until a clear reversal occurs, bearish sentiment is expected to persist.
Potential Binance Listing and Market Impact
As Pi Network strives to stabilize, Binance has opened a community vote regarding its potential listing. With its recent mainnet launch, the project is now under scrutiny as it aims to establish real-world utility.
Importantly, Binance users must hold at least $5 in assets to participate in the vote. If the PI token gains strong support, securing a listing on Binance could enhance its liquidity and credibility.
