The Pi Network price has dropped below the crucial levels at $1, raising huge concerns over the next price action. As the price kept plunging, the volume increased by more than 40%, which suggests the traders could have turned bearish on PI. Amid the rising attacks on PI on social media platforms and some exchanges refusing to list the token, is there any possibility of the token revamping a strong rebound as it has almost reached the lowest point?
Besides, the Pi supply is steadily decreasing due to the removal of transaction fees from circulation. Nearly 528,671 PI had been burned by early March at a rate of 3000-4000 tokens per day, although it has not announced any formal coin burn. The tokens of users who missed the KYC deadline were burned, and hence this deflationary mechanism sparks the speculation of a positive impact on its value.
The short-term price action of PI suggests the token has reached one of the lowest points after its mainnet launch. The bearish influence prevails despite the price testing the lower support of the falling wedge. This could point towards an extended bearish action, dragging the levels below $0.65, while the technicals hint towards a potential rebound.
The stochastic RSI has reached the oversold zone and if it consolidates as it did in previous times, then the Pi price is expected to remain accumulated at around $1. Besides, if the RSI triggers a bullish rebound, then the token is expected to rise and test the resistance at $1.02 and if it clears these levels, it may enter an important resistance zone between $1.19 and $1.24. Until and unless the Pi Network price does not clear these levels, bearish clouds may continue to haunt the rally with a possibility of plunging to $0.7 or below.
The optimism surrounding the PI price rally appears to have been fading quickly as the uncertainty over the open mainnet launch persists. With no clear roadmap and delayed listing by popular exchanges like Binance, it could have shaken the investor’s confidence in the token. Besides, there are no clear timelines; the future of the token remains vague, which raises the speculation that it is a scam. Therefore, the market participants are advised to be vigilant before being conclusive.
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