Pi Network (PI) Price Drops More Than 12% Today

Pi Network price has recorded a significant decline today, losing more than 12% in the daily chart, amid a broader crypto market downturn.

Pi Network price has today dropped 12% in the daily chart, amid a broader crypto market downturn. This has sparked discussions in the broader crypto market over the potential reasons behind the recent retreat in the asset. Amid this, a top expert has highlighted the key price levels for PI Coin, which might decide the future trajectory of the token.

Pi Network (PI) price slid 11.98% over the last 24 hours to $1.39 on Wednesday, while its 24-hour trading volume surged 104% to $977.58 million. In the 24-hour trades, the crypto touched a low of $1.25 and a high of $1.59. This recent decline could be due to the massive selloff recorded in the broader crypto market today.

The global crypto market remained in the red on Wednesday, indicating the cautious stance of investors. It seems that investors are awaiting the US CPI data later this week for cues on the inflationary pressures.

Also, recent reports highlight that the broader market may face more volatility this week. A recent report by CoinGape showed that Bitcoin price risks falling to $75K during the US CPI release this week, highlighting the decreasing risk-bet appetite of the investors.

The sudden drop in Pi Network price has led to speculation about the cause of the decline. Some market participants pointed to a massive outflow from the Pi Core Team (PCT) Wallet as a potential trigger.

Crypto enthusiast Dr. Altcoin noted that nearly 90 million Pi tokens moved out of the Core Team Wallet on March 7, followed by another 36.4 million tokens the next day. This large-scale movement coincided with Pi’s price decline, leading to speculation about a sell-off by the team.

However, PiScan, a blockchain tracking platform, dismissed these concerns. They clarified that the majority of outflows were routine distributions to users and had varying lock-up periods. "These outflows are not related to the recent price decline," PiScan stated, urging traders to consider broader market factors.

PiScan data showed that massive Pi Network unlocks are scheduled over the next 30 days. The highest unlocks are set for March 17 and March 21, with over 23 million PI units set to be unlocked each day.

Moreover, a total of 282 million tokens, valued at $390.93 million at the current price, are due to enter the market over the upcoming month. This substantial increase in supply could trigger selling pressure in the market, potentially dragging down the asset’s price further.

Can Pi Coin hit $3.5?

According to market analyst Rose Premium Signals, Pi Coin price is consolidating around the crucial $1.05 support zone. This level ispivotal for a potential bullish reversal. The expert highlighted that Pi is currently testing a key Fibonacci retracement level, indicating the possibility of a rebound.

“If the buyers manage to defend this support zone, we can expect a strong bounce back towards the 0.382 Fibonacci level, located between $2.40 and $2.60. A breach above this zone could propel Pi towards the next price targets at $3.00 and eventually $3.60,” stated the analyst.

“A strong bounce from support could confirm a bullish continuation.”

suggesting that traders should keep a close eye on this technical indicator for signs of recovery. Besides, the Pi also started getting recognition in the real-estate sector which might further increase the appeal of the asset among the investors. Recently real estate firm Zito Realty LLC began accepting PI as a payment option for its properties in New Jersey, New York, and Pennsylvania.

Having said that, the future of the asset looks promising. Also, with Pi Day (March 14) around the corner, the market participants are anticipating more positive updates on the project which might help gains in the asset.