Pi Network (PI) Cryptocurrency Drops 23% as Market Correction Intensifies

The Pi Network cryptocurrency has seen its value decline by 23% over the past seven days. The token is now trading at $1.38, well below its all-time high of $3.

The price of Pi Network (PI) cryptocurrency has decreased by 23% over the past seven days as it continues to fall in value.

What Happened: According to data from cryptocurrency exchange FTX, the PI token is currently trading at $1.38, well below its all-time high (ATH) of $3.

This downward movement comes during a broader market correction, with many Pi holders now keeping an eye on key support levels with concern.

The latest price action shows that Pi is struggling below the important $1.43 resistance level. After reaching its ATH, Pi entered a correction phase that briefly took prices as low as $1.20 last weekend.

As the bear market continues, there has been less interest in buying Pi in recent days. The trading volume fell by 46% to $527.7 million in the last 24 hours.

This lack of buying capital is also evident in the Chaikin Money Flow (CMF) indicator, which remains deeply in negative territory. This suggests that more investors are selling Pi than buying it.

Without fresh capital flowing in, it becomes increasingly difficult to recover from these levels.

The Moving Average Convergence Divergence (MACD) on daily charts continues to show bearish signals with its red histogram bars, indicating further downward momentum.

However, some analysts have noted that the 4-hour MACD chart is showing early signs of a potential bullish crossover, which could indicate a short-term momentum shift if confirmed.

Crucial Support Level:

Market watchers have identified $1.19 as a crucial support level for Pi Network. Breaking below this price point could trigger additional selling pressure.

If this support fails, analysts suggest that Pi could fall below the psychologically important $1.0 mark. Some projections indicate a possible drop towards $0.76 if selling accelerates.

Token Unlocks:

One major factor impacting Pi’s price is the upcoming token unlock schedule. According to data from PiScan, approximately 9.05 million Pi tokens (around $18.11 million) are being unlocked daily.

Larger unlocks are scheduled for March 17 and March 21, with 23.1 million and 23.4 million tokens being unlocked on these dates, respectively.

In total, about 272 million Pi tokens, valued at $543 million, will enter circulation over the next month. This increase in supply creates natural selling pressure as newly unlocked tokens become available for trading.

Despite these challenges, Pi has shown relative stability compared to market leaders. During the same period when Pi dropped 23%, Bitcoin (BTC) fell 2.3%, and Ethereum (ETH) experienced a decline of over 8%.

Real-World Adoption Expands:

The ecosystem of Pi is expanding with new real-world use cases. Recently, real estate firm Zito Realty LLC announced that it would accept Pi for property transactions.

Community members are eagerly awaiting news of potential exchange listings, particularly Binance. With a market cap ranking 11th among all cryptocurrencies, Pi could be a valuable addition to the exchange.

Earlier community voting on Binance showed 86% support for listing Pi on the exchange. A listing on the world’s largest cryptocurrency exchange could drastically improve Pi’s liquidity and market reach.

As Pi Day (3/14) approaches on March 14, community members expect important announcements from the Pi Network team, who often use this mathematically significant date for major updates.

Traders are focusing on the $1.50 resistance level as a key indicator. Breaking and holding above this threshold could signal the end of the current correction.

If buyers can push Pi above $1.50 and establish it as support, a relief rally towards $1.80 becomes possible, helping to reverse recent losses and ignite bullish momentum once more.

For now, most market participants remain cautious given the mixed signals and the upcoming token unlocks, which present a challenge, while potential exchange listings offer hope for price recovery.