Pi Network (PI) Price Shows Some Fight, Heading into a Critical Resistance Level

Pi Network (PI) has shown some fight in its recent price action, but it's heading into a critical resistance level around March 21st.

Pi Network (PI) token has shown some resilience in its recent price action as it trades towards a critical resistance level on March 21.

At the time of writing, PI is currently changing hands at $1.18, not far from its 24-hour trading range of $1.12 to $1.19. Over the last 24 hours, the token has seen a 4.79% price surge.

However, despite this price bump, the amount of PI traded in the last 24 hours has dropped by a significant 32.90% to $361.2 million. This steep decline in trading activity might indicate that market players are becoming more cautious.

On the other hand, the total value of all PI tokens out there (market cap) has risen by 4.34% to $8.06 billion, suggesting that overall investor confidence is still holding up.

Key Levels for PI Traders to Watch

For traders keeping an eye on PI, there are some important price levels to note. The strongest area of support seems to be around $1.12, which was the lowest point recently. There’s also another support zone between $1.14 and $1.15, where the price has often consolidated before making upward moves.

According to data from CoinMarketCap, the big challenge right now is the $1.20 resistance level. If the price can break above this with strong trading activity, then the next target could be the $1.22 to $1.25 range.

Market Sentiment and Potential Price Movement

Looking at the broader market trends, it’s clear that crypto prices have been performing poorly lately. Bitcoin (BTC) has seen a 10% price drop over the last seven days, while Binance Coin (BNB) has faced even steeper declines of 16%.

Even though PI coin’s price is making higher highs and higher lows, which usually points to an uptrend, the fact that trading volume has dropped off sharply could mean that the upward momentum might be losing steam.

If buyers step in strongly and push the price above $1.20, we could see a further rally past $1.25. However, if sellers manage to capitalize on this weakness and sink the price below $1.12, then we might see a deeper selloff towards the $1.00 level.

Right now, market sentiment seems split, with some traders betting on a surge to $1.50 or higher and others predicting a potential drop towards the $1.00 mark.

Why External Factors Are Important for PI’s Price

Several things happening outside of just trading could impact where PI’s price goes in the next few days.

The deadline for completing the KYC (Know Your Customer) verification process was on March 14th, and this might have created some uncertainty in the market. Users who didn’s get verified risk losing their mined PI tokens, which could lead to some selling pressure.

Also, the fact that major cryptocurrency exchanges haven’t listed PI is weighing on sentiment. Even though the community on Binance voted overwhelmingly (86%) in the favor of listing it, they haven’t done so yet.

Similar big exchanges like Coinbase (NASDAQ:COIN) , Kraken, and Bybit have also stayed away from the token. This lack of major exchange listings could limit how easily people can buy and sell PI, which in turn could cap its potential price growth.