Pi Coin (PI) Price Prediction: Will the Pi Crypto Token Rise Back Up After Its Recent Crash?

The Pi coin has once again taken over the internet with its extremely volatile price action. After a successful mainnet launch and a notable price run

The Pi coin has once again taken over the internet with its extremely volatile price action. After a successful mainnet launch and a notable price run, the Pi crypto has experienced a major setback over the past week.

Reportedly, this altcoin is currently exchanging hands at $0.8167 with a trading volume of $328.95 million. This has left the marketers with questions like “Why is Pi Coin dropping?” and “How low will the Pi price go?” Moreover, investors are concerned if this altcoin will ever make it back to the elite cryptocurrency list.

Binance Listing, Migration Issue, Unverified Token Burn, Pi Coin Faces Major Setback!

The prime reason for the recent Pi coin price crash is speculated to be the delayed listing of this altcoin on the largest centralized cryptocurrency exchange platform which is the Binance exchange. Various reason are causing this delay, however, investors are not very happy about the situation resulting in increased liquidation.

Other factors contributing to the price crash involve the migration issue and unverified token burn. This has led a fear among the users about the fundamentals and tokenomics of this project.

PI Price Records Increased Bearish Action!

The Pi crypto token has formed a descending channel pattern in the 4 hourly time frame and continues to trade within it for about two wells. This highlights a strong bearish flow for the altcoin in the cryptocurrency space.

The Relative Strength Index (RSI) continues hovering around the oversold range in the 4H time frame. Moreover, its average trendline acts as a resistance to the Pi Coin price chart, suggesting a negative outlook in the upcoming time.

Furthermore, the Simple Moving Average (SMA) displays a similar price action, indicating that the altcoin may lose momentum this week.

Will PI Coin Price Rise Back Up?

Suppose, the bulls regain momentum, in that case, the Pi price could break its resistance level of the channel pattern and head toward its high of $1.22. Moreover, if the bullish sentiment sustains, this could result in it heading toward its upper high of $1.8050 in the near future.

On the other hand, if the bears outrun the bulls, the price of Pi token could drop toward its crucial support of $0.64. If the bulls fail to regain value at that level, the price toward record a new all-time low (ATL) during the coming days.