Pi Network (PI) Price Has Crashed, but This Pattern Points to a Rebound

Pi Network price has crashed in the past few days, moving from a record high of $3 to $1.6175. This crash plunged after the developers announced another KYC grace period extension

In the past few days, Pi Network (PI) price has crashed, moving from a record high of $3 to $1.6175. This crash púnge as the developers announced another Know Your Customer (KYC) grace period extension and the Binance listing remained elusive.

However, the token has formed an encouraging pattern that may lead to a rebound.

Pi Network Price Down As KYC Deadline Is Extended Again

The hourly chart shows that the Pi coin price peaked at $1.94 on February 25. It has since moved below the 25-period Exponential Moving Average (EMA), a sign that the downtrend is continuing.

Most importantly, Pi Network price has formed a falling wedge chart pattern, a popular bullish reversal sign. The upper side of this pattern links the highest swing since February 27, while the lower line links the lowest points since February 25.

The two lines are about to meet, while the token has moved slightly above the upper side of this wedge.

This pattern is valid as long as the token stays above the lower line of the wedge and the neckline of the double-bottom pattern.

Pi coin price has formed a small double-bottom pattern at $1.6213, with a neckline at $1.9640. It has also found support near the 61.8% Fibonacci Retracement point at $1.5100 from the rally to $3.

Therefore, the token is likely to have a strong bullish breakout. The next level to watch is $3, its highest level on record, which is about 85% from the current level.

Why Did The Pi Coin Price Crash?

The Pi coin price has crashed for three main reasons.

First, it has dropped as the developers decided to postpone the grace period of the Know Your Customer (KYC) period until March 14.

The KYC and Mainnet migration deadlines for the Grace Period have been extended one last time to 8:00am UTC on March 14, 2024, allowing additional time and opportunity after Open Network for real Pioneers to verify their balances and migrate to the Mainnet.

This is the third time that the developers have extended this period. The developers hope the extension will help more pioneers migrate their tokens to the mainnet.

Second, the Pi Network price has púnge as the Binance listing remained elusive. However, a Binance listing may still be coming, as members of the community voted in favor of it by a wide margin.

Third, Pi has dropped because of the ongoing weakness in the crypto market caused by Donald Trump’s tariffs.

These tariffs will lead to slow economic growth and high inflation and put the Fed under pressure to act.

On the positive side, besides its strong technicals, Pi Network price may rebound because of the potential Binance and other CEX listings.

Also, there are signs that some merchants in countries like China, Vietnam, and South Korea have started accepting Pi coin, which may continue this year.

Pi Network may also benefit from the upcoming Trump crypto summit and his decision to create a crypto reserve. A far-fetched idea is where Pi is also included in the strategic crypto reserve since it is a Made in USA crypto coin.