Pi Network’s price has dropped over 17% amid a major token unlock and community concerns about transparency
The price decline coincided with the March 14 KYC verification deadline, where unverified miners forfeited tokens
Technical indicators show bearish momentum with DMI readings indicating sellers are in control
Pi Coin is currently trading around $1.46, below the crucial $1.50 support level, with risk of falling to $1.20
Despite price troubles, Pi Network continues seeing real-world adoption, particularly in China where businesses are accepting it as payment
Pi Network’s cryptocurrency has experienced a significant price drop, falling more than 17% to $1.16 in recent trading. The decline comes as investors express growing concerns about the project’s direction and transparency.
The price slump coincides with an upcoming major token unlock. This event will increase the supply of Pi Coins in circulation, putting downward pressure on the price. Many traders have responded by selling their holdings.
Technical indicators paint a concerning picture for Pi’s short-term prospects. The Directional Movement Index (DMI) shows sellers firmly in control of the market. The Average Directional Index (ADX) sits at 18.3, suggesting a weak but present downtrend.
The negative sentiment deepened after the March 14 KYC verification deadline passed. Pi miners who failed to complete the Know Your Customer process forfeited their tokens. This led to a mass burning of unverified tokens.
One social media post highlighted the impact of these forfeitures. It showed miners losing large amounts of Pi, with one user reportedly losing 10,000 tokens. This has shaken confidence in the project.
Pi has dropped to #13 in the CMC ranking as its price falls below $1.3. The price drop is directly correlated with public sentiment. The failure to get listed on Binance, despite 86% of the community voting in favor, raises serious concerns about public trust in the project. This… pic.twitter.com/3488BffUEc
Pi’s price is currently hovering around $1.46. This places it below the psychologically important $1.50 mark that analysts consider crucial for a potential rally. If Pi fails to recover this level, further decline to $1.20 or lower may follow.
Trust Eroding as Development Stalls
The Chaikin Money Flow (CMF) indicator has dropped to -0.14. This is its lowest level in a week. The negative reading signals strong selling pressure and weak accumulation of the token by investors.
Many community members point to the lack of exchange listings as a key reason for the price drop. Pi failed to secure a listing on Binance despite 86% of its community voting in favor. This rejection has damaged investor confidence.
The Pi Core Team has also faced criticism for not delivering major updates on Pi Day. This was viewed as a crucial event for the community. Many early miners who have supported the project for years have expressed frustration over the lack of visible progress.
A common complaint among investors is the absence of a clear roadmap for the Open Mainnet launch. Unlike other crypto projects that provide transparent timelines, Pi Network has remained vague about future developments. This uncertainty has fueled growing skepticism.
Pi enthusiast Dr Altcoin noted on social media that the cryptocurrency’s ranking has fallen to #13. He emphasized that the declining value reflects the community’s disappointment in the project’s progress. The lack of a roadmap has made investors hesitant, leading to increased selling.
Despite these challenges, the Pi Network is seeing some real-world adoption. Businesses in China, from restaurants to retail stores, are beginning to accept Pi as payment. This growing usage could potentially support long-term value.
The Pi Network community is calling for immediate action from the core team. Investors believe several steps are needed to restore confidence: releasing a clear Open Mainnet roadmap, launching the promised 100 decentralized applications, and disclosing key investors and partnerships.
Market observers note that a listing on a major exchange like Binance could trigger a significant price rally. Some analysts suggest such an announcement could push Pi above $2. However, without confirmation of any listings, market sentiment remains cautious.
If Pi’s price stabilizes above $1.50 and builds momentum, a rally toward $2 becomes possible. However, a breakdown below current support levels could trigger a sharper sell-off, potentially pushing the price under $1 for the first time since February.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.