The #pi token of Pi Network is currently trading at $1.73, marking a decline of over 40% from its all-time high of $2.98. Despite the downturn, market speculation continues regarding a potential recovery, fueled in part by ongoing rumors of a Binance listing. Meanwhile, regulatory reminders from Vietnam have added to the uncertainty surrounding the token's outlook.
Price Performance and Market Metrics
PI token, launched on February 20, initially saw a dramatic surge of 705% on its first day, eventually reaching a peak of $2.98 — a 1,458% increase within a week. However, sustained selling pressure has since led to a decline of more than 43%.
As of now, PI's market capitalization stands at $11.69 billion, reflecting a 1.93% decrease. The 24-hour trading volume has also dropped by 7.10%, settling at $1.15 billion. The token's fully diluted valuation (FDV) is currently $170.9 billion, while its volatility to market cap ratio remains high at 9.84%, indicating ongoing instability.
Earlier today, PI briefly dipped to $1.52, signaling continued bearish sentiment before stabilizing. Meanwhile, a statement from Vietnam regarding the legal status of PI served more as a reminder than a formal regulatory action. Speculation about a potential listing on Binance continues, although no official confirmation has been made.
Technical Analysis: Bearish Signals Dominate
Technical indicators present a mixed outlook for PI's price trajectory. The Relative Strength Index (RSI) is at 43.28, slightly below its average of 42.77, suggesting weak momentum. The Chaikin Money Flow (CMF) indicator is also negative at -0.02, highlighting limited buying interest.
Moving averages indicate a bearish trend, with the token facing immediate resistance at $1.90 and support at $1.60. A breakout above the resistance level could open the path toward $2.00, while continued selling pressure might lead to further declines.
Market Sentiment and Recovery Potential
Investor sentiment remains cautious, with many closely monitoring developments such as a potential exchange listing to act as a catalyst for recovery. According to CoinCodex, a possible rebound may be on the horizon, with forecasts suggesting a 234.84% increase in March. This projection sets an average price target of $3.37, with a potential high of $5.64.
In summary, while PI token exhibits signs of potential recovery, prevailing bearish signals and market uncertainty necessitate a cautious approach. Investors are advised to closely follow technical indicators and news developments in the coming weeks.
