This sharp downturn has raised concerns among investors, prompting questions about the reasons behind the drop and the potential for recovery.

One of the major contributors to Pi Coin price fluctuations is the looming Pi token unlock event. According to data from PiScan

The value of Pi Network (PI) has seen a sharp downturn, raising concerns among investors.

Now that the dust has settled, the crypto community is left wondering what led to such a sudden drop and whether there's potential for recovery.

Key Factors Behind Pi Coin’s Decline

One of the major contributors to the PI cryptocurrency price fluctuations is the looming token unlock event. According to data from PiScan, approximately 129 million PI cryptocurrency tokens, valued at around $175 million, are set to be unlocked.

Large-scale token releases typically increase supply, exerting downward pressure on prices. As investors fear the influx of new tokens into the market could drive prices even lower.

Pi Network (PI) was trading at around $1.14 at press time. (Source: TradingView)

Another factor that may have contributed to the decline in the Pi Network price is the conclusion of the KYC verification grace period on March 14. Miners who failed to complete the process risk losing their Pi wallet holdings, which has created uncertainty within the Pi Network market.

The deadline may have triggered panic selling, adding to the downturn in the Pi Coin trade.

Despite strong community demand, there has been no progress on the Pi Network Binance listing. In February, Binance held a community vote where over 86% of participants supported adding Pi Network Coin to the exchange.

However, to date, there has been no official confirmation from Binance, leading to frustration among investors.

Furthermore, Bybit's CEO has publicly criticized Pi cryptocurrency, labeling it a scam, further dampening market sentiment.

The crypto community is urged to demand Binance's transparency, fair Pi Network ranking, and an end to price manipulation. (Source: Drnicolan via X)

The project has been in development for six years, yet many investors feel there is a lack of transparency from the core team and updates on mainnet progress.

The absence of concrete updates regarding Pi mainnet launch and the implementation of decentralized applications (DApps) has led to growing skepticism.

Crypto analyst Dr. Altcoin recently pointed out that the Pi Network news reflects the community's disappointment, as the Pi currency value has seen a significant drop.

He further emphasized that without a transparent roadmap, investor confidence could continue to erode, leading to further declines in the Pi token price.

Potential For Recovery: Can Pi Coin Price Rebound?

Despite the recent slump in value, some analysts remain optimistic about the potential for recovery.

One of the key factors that could drive a rebound is the increasing adoption of Pi currency in China. Reports suggest that an increasing number of businesses, including restaurants and retail stores, are accepting Pi Coin buy transactions.

This real-world utility strengthens the project's credibility and could help stabilize the coin's value in the long run.

The price of Pi Network must survive the $1.05-$1.10 support zone and exceed the $1.37 resistance to revive the bullish momentum. (Source: PropTradePros on TradingView)

Technical analysis reveals that the price of Pi Network today has major support at $1.20. If the price holds above this level, it may set the stage for a reversal towards $1.50 and ultimately $2.

If the bearish sentiment continues and the exchange rate of the Pi Coin goes below $1.20, it may test the support at $1.10 or even go below $1.00, an important psychological level for investors following the price of the Pi network in dollars.

Market analysts are optimistic about Pi Coin's survival of the $1 support. (Source: Chad_Sniper on TradingView)

While the trading of Pi Network remains limited, there is speculation regarding future listings on exchanges.

If the exchange listings for Pi Coin widen to include exchanges such as Binance, Coinbase, or Kraken, it might stimulate fresh buying interest and drive prices upwards.

Experts are of the opinion that a formal listing on an exchange would cause a huge rally and take the price of Pi Coin back to its earlier highs.

Final Thoughts

The recent decline in Pi Coin worth highlights the volatility and uncertainty surrounding the project.

While factors such as the token unlock, KYC verification deadline, and lack of exchange listings have contributed to the downturn, the growing adoption of Pi mining rewards in China provides a glimmer of hope.

For a strong recovery, we need greater transparency from the core team, clear updates on mainnet progress, and expanded exchange listings. Until then, investors remain divided on whether the Pi Coin news will signal a rebound or further losses.