Pi Network (PI) Price Plunges 43% From Its Peak as Binance Listing Fails to Materialize

Lately, Pi Network has found itself in the throes of a volatile market, with the digital coin's value plunging a staggering 43% from its peak.

The digital coin saw a staggering 43% decline from its peak, currently trading at $1.67. Its value plunged amid the delay in Binance listing and rumors of crypto ‘whales’ selling off.

The crypto community is buzzing with anticipation as Pi Network’s coin edges closer to being listed on Binance, one of the world’s largest cryptocurrency exchanges. A recent vote among Binance users showed an overwhelming 86% majority in favor of adding Pi Coin to their trading fold.

However, nearly a week after the voting concluded, the coin remains unlisted, leading to an exodus of buyers and waning interest.

Moreover, analysts suggest that an impending sell-off by crypto ‘whales’—powerful investors who can sway the market—could be intensifying the volatility.

Some experts argue that the stabilization of the coin lies in expanding its utility. If more decentralized applications (DApps) emerge within the Pi Network, they could create a natural demand and liquidity buffer, stabilizing the price.

But the heftiest weight on Pi Coin’s back is the persistent bearish atmosphere engulfing the market. Analysts tracking the coin’s price momentum note how the coin is now trading within a descending parallel channel, a technical indicator often associated with deepening bearish sentiment.

Both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggest that sellers are in control at the moment. Critical support levels are also converging at $1.49, which could provide some relief to the coin if it manages to hold above this mark. A break below this level could see Pi Network retreating further.

In this tumult, one thing remains clear: until pivotal exchanges like Binance open their doors to Pi Coin, and the coin’s utility champions adoption in sectors beyond speculative trading, its price will likely continue to dance to a bearish tune. The future of Pi Coin lies in decoupling from market whims and anchoring in real-world value.