Jakarta, Pintu News – Pi Network is facing a 45% drop in trading volume, raising concerns of a possible price drop to $0.10. This is similar to what often happens with newly launched crypto tokens.
In recent weeks, the price of Pi Network has been flat in the range of $0.56 to $0.67, without showing any signs of a breakout.
A significant drop in trading volume, as reported by CoinMarketCap, indicates a decrease in market interest which could affect the price stability of Pi Network.
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The trading volume of only $38 million shows the token’s lack of accessibility on major exchanges such as Binance, Coinbase, and Kraken. The lack of presence on major exchanges has led to speculation that Pi Network may see a sharp decline, similar to other tokens that have failed to survive after launch.
Without positive news or strategic announcements, such as new partnerships or wider network adoption, Pi Network might follow in the footsteps of tokens like Hamster Kombat which plummeted a few months after its launch.
Technical analysis suggests that Pi Network is on the verge of a drop to $0.10 after the price recently approached a critical support line in a symmetrical triangle pattern.
If this support does not hold, the price could drop 13% to $0.50 in the short term, which could then pressure the price further to $0.40.
If this bearish scenario occurs, market sentiment could turn extremely negative, and mounting selling pressure could push the price down to $0.10.
However, it is possible that if buyers start to step in now, an uptrend could form and the Pi Network could overcome resistance at the upper trendline, which would prevent further declines.
The AO indicator is also showing additional downward pressure, which supports this bearish Pi Network price prediction.
Although many are pessimistic, some analysts still see long-term potential for Pi Network.
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Dr. Altcoin, for example, predicts that Pi Network could experience a significant price surge in the next five years if more crypto traders and users join the network.
Such predictions hinge on Pi Network’s ability to attract wider interest and maintain its relevance in a highly competitive market. Pi Network’s long-term success will largely depend on its ability to secure a place on major crypto exchanges and build strategic partnerships that can increase user adoption and trust.
Overall, with trading volumes continuing to decline, Pi Network may find a new low below $0.40. The most likely support level if the price drops below the previous record low is $0.10.
However, there is still room for optimism if positive factors can play out and support the Pi Network’s price rise in the future.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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