Pi Network (PI) Hits New Low: Is More Decline Imminent?
The value of Pi Network's cryptocurrency has dropped to unprecedented lows, stirring concerns about further declines in market sentiment.
Pi Network’s bulls are facing another defeat as the price of the token has plummeted to an all-time low, adversely affecting market sentiment.
Moreover, indicators point to the possibility of a worsening situation in the immediate future.
Seeking a New Low
Earlier today, the value of Pi Network’s PI fell to $0.17, representing the lowest point since the token started trading in February of last year. Its market cap has fallen below $1.5 billion, ranking it as the 75th largest cryptocurrency.
PI Price, Source: CoinGecko
This drop can be partly attributed to the broader bearish trend in the overall market, where Bitcoin (BTC) dropped below $88,000, and Ethereum (ETH) experiencing a temporary decline to $2,780.
Crucial indicators suggest that PI’s price may have yet to find its new lows. Almost 150 million coins are projected to be released in the next month, which could elevate selling pressure by granting investors a chance to liquidate their long-held assets.
The standard token unlocks are approximately 5 million, which is significantly more aggressive compared to previous weeks and months. The high-impact day will occur on February 7 when roughly 6.1 million tokens will become accessible.
Is Major Adoption Coming?
Although the performance of PI over recent months appears bleak, some users on X remain hopeful about the project. Kosasi Nakomoto recently suggested that while many in the crypto community view the asset’s “earn while you wait” model as somewhat naive, they predict that, in a couple of years, many individuals in developing regions will likely possess a Pi wallet.
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The Relative Strength Index (RSI) for PI indicates that the worst might be behind, and a short-term recovery could be on the horizon. The RSI, which ranges from 0 to 100 and indicates whether an asset is overbought or oversold, recently dropped below 30 but has risen to 38.
PI RSI, Source: RSI Hunter
Disclaimer: The information presented here is solely based on quoted writers and does not reflect the positions of CryptoPotato about buying, selling, or maintaining any investments. Conduct your own research before making investment decisions.
