Pi Network (PI) Price Drops 43% from Its All-Time High of $2.98

Pi Network token today trades at $1.67 after a 7% drop in 24 hours. Pi Coin reached an all-time high of $2.98 last week, but it has since dropped by 43%.

Pi Network (PI) token price today is down 7% in the past 24 hours. The token reached an all-time high of $2.98 last week but has since dropped by 43%.

Here are the top 3 reasons why the Pi Network price is crashing.

Delayed Binance Listing

One of the factors that have been driving gains for Pi Network since its launch is the hype around exchange listings. However, the token’s listing on Binance is taking longer than expected, causing buyer exhaustion.

Binance conducted a community vote between February 17 and February 27 asking its users to vote on whether to list Pi Coin. The vote closed with 86% of Binance users being in favor of the listing.

The world’s largest cryptocurrency exchange asked its users to vote on whether they want to see Pi Network (PI) token listed on the platform. Out of the total 3.5 million Binance users who participated in the vote, 86% voted in favor of listing the token.

The vote follows rumors that the exchange would be adding the token to its spot markets. The voting session began on February 17 and ended on February 27.

However, even after the majority vote in favor of listing Pi Network on Binance, the token is yet to be added to the exchange’s listing.

If Binance fails to list Pi Coin, it could dim investor confidence and fuel more declines for the token.

Whales Are Likely Selling Pi Coin Amid Slow Adoption

Pi Network may also be crashing because of whale manipulation. This is according to analyst Dr Picoin who stated that the current volatility is caused by a pump-and-dump scheme by whales.

In his analysis, Dr Picoin noted that Pi Network price would likely stabilize if decentralized applications (dApps) were launched on Open Network.

“Once a majority of Pi DApps are deployed, they will significantly reduce pump-and-dump cycles by increasing utility-based demand and stabilizing liquidity,” he stated.

Recently, Florida-based real estate company Zito Realty announced that it would accept Pi Coin as a means of payment for real estate transactions. If this continues, it could detach PiCoin from the meme coin market and drive a strong uptrend.

Pi Network Token Succumbs To Rising Bearish Pressure

The token’s hourly chart shows that the bearish momentum depicted in the descending parallel channel is increasing. The Relative Strength Index (RSI) is below 50, indicating that bears are in control. At the same time, the RSI has been making lower lows, which means that selling pressure is increasing.

The Awesome Oscillator also shows rising bearish momentum, which may fuel the downtrend in the near term. Both the RSI and the AO show that sellers have overpowered buyers, causing the token to drop in value.

If these bearish trends continue, PI Coin may breach support at $1.49. Dropping below this level will cause the token to breach the lower trendline and accelerate the downtrend. Failure to defend this support will push the token below $1 to $0.70.