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CoinDesk1 min read
Why Did Pi Network’s (PI) Price Crash to a 3-Month Low Today?
TL;DR
Pi Network's native token, PI, dropped approximately 10% today, reaching a three-month low. Analysts suggest this decline follows the loss of crucial support despite a limited number of tokens set to be unlocked soon.
Key points
- Pi Network's PI token dropped about 10% today
- The token reached a three-month low
- Analysts predict further corrections due to lost support
- The all-time low was $0.1312 on February 11
- The Kraken listing caused a significant price fluctuation
Mentioned in this story
Kraken
Pi Network
The price stability experienced for the past few days from Pi Network’s native token came to an end today as it slumped by roughly 10% at one point to a multi-month low.
This comes despite the relatively small number of tokens scheduled to be unlocked in the next few weeks. However, some analysts believe the asset is primed for another correction since it just lost a crucial support.
PI Drops Again
The chart below will demonstrate PI’s inability to produce and maintain a healthy breakout for months. The asset marked an all-time low of $0.1312 on February 11 but went on a spectacular run in the following weeks that culminated a month later at $0.30. This became possible amid building hype for the token’s listing on the major US exchange, Kraken.
Once it actually went live for trading, though, the crash was even more profound as it dumped below $0.18 within 48 hours. It produced a couple of breakout attempts in the following two months, but it was stopped every time at the $0.20 resistance.
The past week or so was relatively boring (or stable, if you will), with PI trading sideways in a tight range between $0.17 and $0.18. However, it nosedived once again on a daily scale to a three-month low of $0.155 before it found some support and now sits around $0.16. It’s still over 6% down daily, and the most evident reason appears to be the state of the broader market.
As reported earlier, BTC and most altcoins dumped hard in the past 24 hours. The market leader plunged below $78,000, while some alts slipped by up to 10%, such as HYPE. PI is no exception now, but it has also fallen out of the top 50 alts by market cap as its own is below $1.7 billion on CG.
Pi Network (PI) Price on CoinGecko
More Pain Ahead?
Q&A
What caused the price drop of Pi Network's PI token today?
The price drop was attributed to the loss of crucial support levels, leading analysts to predict further corrections.
What was the all-time low price of Pi Network's PI token?
Pi Network's PI token reached an all-time low of $0.1312 on February 11.
How did the Kraken listing affect Pi Network's PI token price?
The Kraken listing initially led to a price surge, but the token subsequently crashed below $0.18 within 48 hours after trading began.
