The value of Pi Network’s native token, PI, has tumbled to its lowest degree ever recorded, breaking under $0.4 earlier than persevering with its retrace to $0.35 on the time of writing. The crash comes simply days after a controversial announcement from the Pi Network workforce, which can have intensified bearish sentiment throughout the neighborhood.
PI Breaks Through Historical Lows As Downtrend Deepens
The PI/USDT pair has now fallen beneath each key assist degree since its launch. As proven within the weekly chart, PI is buying and selling beneath a sustained descending trendline and stays under all main Fibonacci resistance factors. At the time of writing, the token is sitting simply above $0.40, and value motion is mounting with promoting strain to interrupt decrease, particularly if broader altcoin dominance weakens additional.
This week’s candle marks a continuation of the regular decline that started in March, regardless of sporadic bullish spikes. This has allowed Pi to proceed declining with each transfer and is now buying and selling at its lowest value degree since its launch.
Interestingly, this crash got here amidst a latest announcement by the Pi workforce. The Pi Network workforce revealed an announcement urging Pioneers to voluntarily lock up their PI tokens to spice up their mining charges. According to the August 1 weblog submit, customers can select to lock as much as 200% of their migrated stability and obtain enhanced rewards for doing so. The submit additionally defined the varied methods to provoke the lockup through the Pi app and Pi Browser.
Bleak Outlook Unless Strong Support Returns
However, this transfer has accomplished little to calm the storm, and Pi’s value continued its decline. The announcement’s timing could also be flawed, notably given the unaddressed issues about migration delays and token liquidity. There’s the lack to commerce or use a lot of the circulating provide, and now, locking tokens with no assured future liquidity feels extra like a sacrifice than a strategic resolution.
At the identical time, liquidity is a significant problem. There are restricted buying and selling choices, as Pi is barely obtainable on a number of centralized exchanges, however it’s not listed on main platforms like Binance or Coinbase. Also, there are a number of mechanisms for real-world utility.
Now that Pi is buying and selling round $0.35, the downtrend has formally entered uncharted territory. Unless a robust assist zone materializes shortly, Pi Network delivers a significant ecosystem catalyst, or the influx into the market returns, the present collapse might prolong deeper.
The lockup initiative, which was supposed to encourage dedication and community progress, seems to have backfired amongst a consumer base already grappling with doubts in regards to the challenge’s tempo. As such, the Pi Network faces growing strain to ship significant progress earlier than the neighborhood’s confidence erodes even additional.
At the time of writing, Pi is buying and selling at $0.352, down by 1.4% and 19.6% previously 24 hours and 7 days, respectively.
Featured picture from Adobe Stock, chart from Tradingview.com
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