Pi Network Price Trends Indicate Possible April Surge Amid Challenges
The Pi Network has seen its price decline significantly this year, falling from nearly $3 to approximately $0.7925. Key factors include lack of listings on major exchanges and concerns over token dilutions. However, signs of market stabilization are emerging, suggesting a potential price increase by April.
The Pi Network has experienced a significant downward trend in its price, as buyers remain hesitant to engage in the market. Initially, the Pi Coin (PI) token rose to nearly $3 following its mainnet launch in February, but it has since fallen to approximately $0.7925, impacting investors negatively.
Three primary factors have contributed to the recent crash of the Pi Network price. The first reason is the lack of listings on major mainstream exchanges. Notably, Binance, the largest cryptocurrency exchange, has not listed the token despite a poll indicating that over 85% of participants supported its inclusion in February. Other exchanges such as Coinbase, Bybit, Kraken, and Upbit have similarly refrained from listing Pi Network, with Bybit’s CEO labeling it as a scam, a claim the developers vehemently deny.
On a more positive note, there is potential for these exchanges to list the Pi token later this year, which could spur an increase in its price. As one of the largest cryptocurrencies with a market capitalization exceeding $8 billion, a favorable exchange listing would likely attract more buyers. A similar occurrence was noted when the Orca token price surged by over 200% after its listing on Upbit.
The price plunge can also be attributed to anticipated token dilutions due to upcoming unlocks. Reports indicate that millions of Pi tokens will be unlocked monthly, with over 1.6 billion tokens set to be released within the next year, diluting the ownership of existing holders. Additionally, the overall decline in the crypto market, influenced by external factors such as Donald Trump’s tariffs, has also contributed to the decrease in Pi Coin’s value.
Analyzing the Pi Network price on a four-hour chart reveals a pronounced decline in recent weeks, although there are signs that the sell-off momentum is waning. The Average Directional Index (ADX), which assesses trend strength, has dropped to 15 from a previous high of nearly 60. Moreover, the BBTrend indicator indicates a bullish divergence pattern as it measures the gap between the upper and lower Bollinger Bands.
The formation of a falling wedge pattern, recognized as a strong bullish reversal indication in technical analysis, suggests that a significant breakout could occur in April. The price target to watch is approximately $1.7980, representing a potential 127% increase from the current level.
In conclusion, the Pi Network is currently facing price challenges due to limited exchange listings, anticipated token dilutions, and broader market trends. However, technical analysis suggests that the momentum of the sell-off is decreasing, indicating a potential bullish breakout in April. If major exchanges list the Pi token, it may significantly enhance its market presence and value.
Original Source: crypto.news
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