- Pi Network experienced setbacks as a lot of users were unable to claim their tokens following migration and KYC. This raised alarms among investors.
- Binance also declined to list Pi, explaining that only tokens on Binance Smart Chain qualify for voting, which helped lead to Pi’s price falling below $1.
- If Pi retains the $0.70 support level, it may bounce back towards $2, but further decline may bring the price to $0.50 or even $0.10.
The Pi Network as well as crypto market also experienced another action-packed week as major news continued to impact various projects.
The U.S. Federal Open Market Committee (FOMC) announced its conclusions, and the XRP lawsuit was eventually closed, providing the community with some relief. Yet, things weren’t so calm for Pi Network, which met severe setbacks.
Pi Faces Listing Rejection
Pi Network finalized its migration and Know Your Customer (KYC) procedure but didn’t let numerous users claim their tokens.
The situation delayed Pi Network from competing in the market, thus triggering fears on whether one should invest or not. The token declined the whole week to be among the worst-performing of the top 100.
One big drawback occurred when Binance turned down listing Pi. Binance clarified that tokens not registered on the Binance Smart Chain do not qualify to vote and, therefore, Pi was ineligible. This refusal also pushed the price of Pi down further.
The token, having reached a peak of $3 following its Open Network introduction on February 20, plummeted below $1 and declined to as low as $0.70, leaving investors doubtful about its potential. It did recover slightly afterwards and is now selling at about $0.96.
Pi’s Future Price Movement
Market action first experienced higher trading as buying increased, but this was temporary as selling pressure grew. Price fell by 3%, bringing it to the very critical $0.70 support level.
If this support is broken, then more losses can become the norm, with prices falling to $0.50 or even $0.10. This has sent investors into a tizzy about where Pi is going next.
Conversely, if Pi is able to climb back above $1, it may present a chance for recovery.
Analysts believe that if the support level holds, Pi might try to get back to $2 again. While the market remains uncertain, there is still potential for Pi to regain strength in the weeks ahead.
Also Read : Pi token Faces Uncertainty as Price Drops and Binance Excludes It from Listing
