The cryptocurrency market has experienced a busy week again, with significant events shaking up the market landscape. The U.S. Federal Open Market Committee (FOMC) made decisions, and the long-standing XRP lawsuit has finally been resolved, bringing comfort to the community. However, Pi Network faces some serious challenges.
The migration and Know Your Customer (KYC) process has been completed, but many users are unable to claim their tokens. As a result, Pi is lagging behind the market, leading people to question whether now is a good time to buy.
Among the top 100 cryptocurrencies, Pi was the worst performer last week, with a greater loss in value than other cryptocurrencies. Binance refused to list Pi, which dealt a heavy blow to it. They stated that any token not listed on the Binance Smart Chain is ineligible for voting, thus Pi was disqualified from consideration.
What will be the next step for the price of Pi coin?
The Pi token reached an all-time high of 3 dollars after the open network launch on February 20, and then fell below the 1 dollar mark. It dropped to around 0.70 dollars, leaving many investors uncertain about the future. However, it has now rebounded, trading at about 0.96 dollars. Despite the sluggish price, analysts still see potential for a rebound, with signs indicating a possible breakout. If support levels remain strong, Pi could rise back to 2 dollars.
Trading volume initially surged but then declined, indicating that sellers are currently in control, weakening the momentum of buyers. After a 3% drop, the price is approaching the critical 0.70 dollar support level, and if it falls below this support, it could lead to further declines, potentially down to 0.50 dollars or 0.10 dollars.
On the positive side, if Pi returns to the level of 1 dollar, it may trigger a rise to 1.20 dollars, bringing hope for recovery.
