Pi Coin Plummets 18% as Major Exchanges Delay Listing

Pi Coin, the native cryptocurrency of the Pi Network, has recently experienced a significant decline in value, falling below the $1 mark. This drop has raised concerns among investors, with the coin losing more than 18% in the last 24 hours. The failure of major exchanges like Binance and Coinbase to list Pi Coin has been a significant factor in this decline. Both platforms had previously hinted at the possibility of listing PI, which sparked optimism among investors. However, the lack of official listings has dampened sentiment and reduced demand for the coin. The absence of major exchange listings has left many questioning the future and viability of Pi Coin in the broader market.

The decreasing supply of Pi Coin, due to mechanisms such as transaction fees and the burning of tokens held by unverified accounts, has not been enough to offset the broader market sentiment. The circulating supply of Pi Coin stands at approximately 6.8 billion tokens, with over 528,671 PI tokens burned by early March at a rate of 3,000–4,000 tokens daily. While these measures aim to address fake and abandoned accounts, they have also intensified the perception of a decreasing supply, contributing to the bearish sentiment surrounding the coin.

The drop in Pi Coin’s value has sparked widespread fear, uncertainty, and doubt (FUD) in the market. Sentiment has worsened significantly within a single day, with some users claiming “manipulation” and “panic” selling. The upcoming release of 129 million tokens into circulation, valued at approximately $140.61 million, has exacerbated the bearish sentiment. Historically, large token unlock events have led to increased supply and downward pressure on prices. This influx of tokens, combined with the current market conditions, has raised concerns about the sustainability of Pi Coin's market position. Analysts warn that without a strong counterbalance of buy orders, the Pi token price may struggle to stabilize.

Despite the recent price struggles, the Pi Network continues to develop its ecosystem. The launch of Pi Domains, a decentralized domain service powered by PI tokens, aims to enhance the token’s utility. Users can register blockchain-based domains and conduct e-commerce transactions using Pi currency. While this development adds value to the ecosystem, its impact on the Pi Network Coin price remains uncertain. Adoption remains a key challenge, as real-world use cases and liquidity drive long-term value. For Pi token to gain sustained momentum, it will need to secure widespread adoption and utility beyond speculative trading.

The technical analysis of Pi Coin indicates that the price has broken below the lower Bollinger Band at $1.12, often a sign of continued bearish momentum. The Relative Strength Index (RSI) remains near the oversold threshold, suggesting that while selling pressure is dominant, a potential bounce-back could occur if buyers step in. However, if Pi Network price today fails to hold above $1.05, a drop below $1 becomes increasingly likely. To reverse the bearish trend, Pi cryptocurrency value would need a significant uptick in demand. If PI Coin value manages to reclaim $1.23, it could set the stage for further gains, with resistance levels at $1.36 and $1.60. On the downside, failure to maintain support could push Pi Network Coin price into further decline.

The market outlook for Pi Coin remains uncertain, with analysts divided on its trajectory. Some predictions are forecasting a possible rebound, with Pi cryptocurrency price rising to $5.26 by the end of April. However, sustained bearishness and macroeconomic volatility may deter this from happening. Currently, PI Coin is in susceptible conditions, and traders are watching the Pi Network price more anxiously. Whether or not the token can recover or decline further will depend on subsequent market movements, like the impact of the token unlock and any potential Pi Network exchange listings.