Pi Coin Plunges 43% After Binance Listing Delay
1min read The pi network token, pi coin, has experienced a significant drop in price, falling by 43% from its all-time high of $2.98, which was reached just a week ago. Despite the recent surge in interest in cryptocurrencies following US President Donald Trump's announcement of a crypto strategic reserve, pi Coin has failed to maintain its momentum and has instead joined the ranks of altcoins experiencing a downturn.
Several factors are contributing to the decline in Pi Network's price. One of the primary drivers of the token's gains since its launch has been the anticipation of exchange listings. However, the listing of Pi Coin on Binance, one of the world's largest cryptocurrency exchanges, has been delayed. A community vote conducted by Binance between February 17 and February 27 saw 86% of users vote in favor of listing Pi Coin. Despite the overwhelming support, nearly a week after the vote closed, Pi Coin has yet to debut on Binance. The delay in listing has led to buyer exhaustion, contributing to the token's price decline.
Another factor contributing to the bearish momentum is the potential manipulation by whales, or large holders of Pi Coin. Analyst Dr. Picoin has suggested that the current volatility in Pi Coin's price is the result of a pump-and-dump scheme orchestrated by whales. According to Dr. Picoin, the launch of decentralized applications (dApps) on the Open Network could help stabilize Pi Coin's price by increasing utility-based demand and reducing liquidity. Recently, Florida-based real estate company Zito Realty announced that it would accept Pi Coin as a means of payment for real estate transactions, which could potentially detach Pi Coin from the meme coin market and drive a strong uptrend.
The technical indicators for Pi Coin also suggest a rising bearish pressure. The hourly chart shows that the bearish momentum depicted in the descending parallel channel is gaining strength. The Relative Strength Index (RSI) is below 50, indicating that bears are in control. Additionally, the RSI has been making lower lows, suggesting that selling pressure is increasing. The Awesome Oscillator also shows rising bearish momentum, which may fuel the downtrend in Pi Coin's price in the near term. If these bearish trends continue, Pi Coin may breach support at $1.49, which could accelerate the downtrend and push the token below $1 to $0 