The $PI token from Pi Network has experienced significant volatility in recent weeks. After reaching a peak of $2.98, the token has declined sharply by over 40%, now trading at approximately $1.73. Despite an initial surge of 1,458%, increasing selling pressure has led to a substantial downturn. Nevertheless, market participants remain cautiously optimistic about a potential recovery. Here is an in-depth analysis of the current situation:

The Recent Decline

PI token’s price correction has been steep, currently standing 43% below its all-time high. The token's market capitalization is at $11.69 billion, with a 7.10% decrease in trading volume over the past 24 hours, indicating that bearish sentiment continues to dominate.

In regulatory news, Vietnam issued a notice regarding PI's legal status, though no severe actions were taken. Meanwhile, speculation about a potential Binance listing is fueling anticipation and keeping investors watchful.

Technical Analysis: What Lies Ahead for PI Token?

Technical indicators present mixed signals for PI's potential recovery. The Relative Strength Index (RSI) is at 43, reflecting weak momentum. Additionally, the Chaikin Money Flow is in negative territory, suggesting limited buying interest. Moving averages also indicate a bearish outlook, with key support at $1.60 and resistance at $1.90.

Despite these bearish indicators, some market experts, including CoinCodex, predict a potential turnaround. Their forecasts suggest a possible surge of 234.84% in March, which could elevate PI to around $3.37 — and potentially as high as $5.64.

Outlook: Is a Recovery Likely?

While the path to recovery remains uncertain amid cautious market sentiment, the potential for a rebound is still on the table. A listing on Binance or other positive developments could act as catalysts for a reversal. For now, traders should closely monitor technical indicators and regulatory news to navigate the evolving landscape.

The coming weeks will be crucial in determining whether PI can regain its momentum or continue to face downward pressure.

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