WEBDESK (Azaad English): PI coin price has seen a sharp decline, dropping by 57% in the past day. Doubts over its upcoming mainnet launch have on February 20th have caused the prices to drop.
The cryptocurrency scene eagerly holds its breath as PI Network awaits its much-anticipated mainnet launch. But as rumours about a possible listing on Binance emerge, their are still doubts over whether or not the PI network operates as a pyramid scheme.
These concerns have made it very difficult for the PI coin to gain any significant ground, with many investors uncertain about it’s long-term growth.
PI Network’s main attraction is that it offers an accessible mining method via smartphones. This has pulled in over 100 million users and has reshaped the digital currency’s landscape.
Amidst concerns over potential legitimacy issues, PI Network’s social media has outshone big names like Ethereum and XRP. Yet, it’s status still remains in confusion. Potential listings on major platforms such as Binance could skyrocket it’s price but until that happens, it’s future remains uncertain.
Technical indicators suggest that bearish momentum is accelerating for PI Network. The Relative Strength Index (RSI), which briefly entered overbought territory, has now seen a sharp reversal, indicating growing selling pressure. In the past, tokens that hit this zone often saw their prices reverse and fall.
While the RSI remains above the natural 50.0 level, it indicates growing market hesitation by investors.
Following the announcement of the mainnet launch, the PI coin price jumped from $49 to $92. But this rise didn’t last long, as prices have fallen sharply since then.
Despite occasional recoveries, PI coin has failed to maintain any significant momentum.
As of now PI coin price has seen a sharp decline, now trading at $31 after dropping 57% in just 24 hours. This crash happened after the token failed to stay above the $50 support level.
With the upcoming mainnet launch, uncertainty is growing, and Pi’s price could face more downward pressure. While it is still holding above $30, breaking below this level might trigger a further drop to $17.
If that happens, investors who have been holding Pi in recent weeks could face even bigger losses.
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