Pi's market capitalization currently stands at $7.93 billion, making it the 15th largest cryptocurrency by value (CoinMarketCap). However, since reaching an all-time high of $2.98 at the end of February, Pi has faced a persistent downward trend. Its price has continued to decline from that peak, and Pi is currently testing a support level of $1.16. If it breaks below this level, there may be little support to prevent further declines.
Alternatively, the rebound may indicate a bullish reversal for the token, potentially forming a double bottom technical pattern. The price is expected to hover between $1.10 and $1.20, with resistance between $1.20 and $1.25. However, if the price breaks below $1.08, it may drop further to $1.05.
Amid the price decline, Pi Network has launched a new tool called Pi Domains, which offers the potential to create decentralized websites using Pi tokens. However, despite the excitement of the launch, the Pi token has dropped 15% in the past 24 hours, falling to a low of $1.08 per token. The new domain feature from Pi Network allows users to purchase domain names using only Pi tokens, which will be registered on the Pi blockchain. Additionally, e-commerce transactions conducted on Pi domains will also use Pi as the payment method.
The launch of Pi Domains aims to give more utility to Pi tokens and enhance their value proposition. However, it remains to be seen whether this release can reverse the recent downward trend of the token and trigger a broader rebound for Pi Network. Despite the value being under pressure, the trading volume of Pi Network has surged, increasing by 63% in the past 24 hours.
As Pi Network seeks to establish its position in the cryptocurrency world, questions remain: Will Pi Domains be the key to unlocking a breakthrough for Pi coins, or will the token continue to struggle in a turbulent market?
