The cryptocurrency market is still in a slump, and Pi Network (PI), which had been holding strong since its mainnet launch, is now feeling the heat. The token has dropped by more than 22%, falling to $1.38 – a sharp decline that’s turning heads across the crypto world.

Lost Support, Bigger Risks?

Looking at the 4-hour chart, it’s clear that Pi Network (PI) struggled to maintain crucial support levels. The token failed to hold the symmetrical triangle pattern and broke below its ascending support, which, combined with the 10-day moving average sitting at $1.88, led to this massive dip.

As it stands, Pi Network is now hovering around a critical support zone at $1.40. If it can stay above $1.30, there’s still a chance for a rebound. Early signs on the MACD indicator suggest stabilization, which could signal the start of a recovery. If the price breaks back above the 10-day moving average, it could climb back to the $1.75 to $1.88 range.

However, if Pi Network fails to hold its ground and breaks below this support zone, the price could slide further down to $0.75 – a major fall from its current value.

What’s Next for Pi Network?

Right now, Pi Network is at a crossroads. If it bounces back from this support, we could see a recovery to higher levels. But if the decline continues, there could be an even sharper drop ahead.

One possible ray of hope for Pi Network is speculation about a potential listing on Binance. The exchange has recently introduced a community-based listing system, and Pi Network has been gaining significant support in community voting. If Binance decides to list PI, it could spark renewed interest and buying pressure, helping the token recover its losses.

Key Levels to Watch

  • Support level to watch: $1.30

  • Potential recovery range: $1.75 to $1.88

  • Risk if broken: A further drop to $0.75

For now, the future of Pi Network is uncertain. If the support at $1.30 holds, there’s still hope for a recovery. But a break below this level could trigger more selling, sending Pi Network on a further downward spiral.

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