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Pi Coin, once hailed as a revolutionary cryptocurrency, is facing a massive downturn, shedding nearly 75% of its value. Ranked 24th in market capitalization, the coin had built a loyal following among early adopters who mined it for years. However, the recent plunge has left long-term holders questioning its future viability. Crypto investor and analyst Investographer has dissected the reasons behind Pi Coin’s collapse and whether it has a chance of recovery.
The Hype vs. Market Reality
Pi Coin officially launched to great fanfare, quickly gaining traction within a month and a half. Enthusiasts and long-time miners expected significant gains, but market performance has proven otherwise. Initially, Pi Coin surged to nearly $3 around its listing date, only to face a brutal correction.
By February 26, Pi attempted to reclaim the $3 mark but was met with resistance. The coin has since plummeted to approximately $0.74, nearing its all-time low of $0.60. The prolonged bearish sentiment suggests further declines may be imminent.
Why Is Pi Coin Crashing?
According to Investographer, one of the key reasons behind Pi Coin’s downfall is Binance’s refusal to list it. The Pi community had pinned high hopes on a Binance listing after the exchange conducted a poll to gauge interest. Despite strong support from Pi enthusiasts, Binance ultimately rejected the listing, dealing a significant blow to market confidence.
Another crucial issue is the lack of a fully open mainnet. Unlike other decentralized cryptocurrencies, Pi Coin operates within a highly controlled ecosystem, restricting liquidity and transparency. The inability to freely buy, sell, or transfer Pi has raised concerns about centralization, further dampening investor sentiment.
Technical Outlook: What’s Next for Pi?
Pi Coin is currently approaching critical technical levels. Short-term support lies around $0.77, with major support at $0.60. If the price breaks below these levels, it could sink further to $0.70 or even establish a new all-time low. On the upside, Pi Coin faces strong resistance at $1 and $1.20. A bullish reversal would require a breakout beyond these levels, supported by increased liquidity and investor confidence.
Can Pi Coin Recover?
The future of Pi Coin hinges on its ability to address centralization concerns and improve liquidity. If key developments take place and buyer interest returns, Pi could potentially reclaim $1.22 and even surge toward $1.80. However, if selling pressure continues, Pi may fall to $0.64, with a risk of further declines.
Also Read: Pi Network Price Drops Below $0.80: Will It Crash to $0.60 or Rebound?
For now, Pi Coin’s fate remains uncertain, leaving its once-loyal community anxiously watching the charts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
