Pi Network price crashed to a record low of $0.1450, January 31, as the crypto market dived and as demand waned.
Summary
- Pi Network price crashed to a record low on Monday.
- The drop happened as Bitcoin and other altcoins dropped.
- Technical analysis suggests that the coin has more downside.
Pi Coin (PI) token plunged to a low of $0.140, a few points below its previous all-time low of $0.1545. It has now plunged by over 93% from its record high of $2.98, which it reached in February last year shortly after its mainnet launch.
The main reason why Pi Coin price plunged is that sentiment in the crypto market waned. Bitcoin (BTC) and other altcoins were all in the red, with the market capitalization of all tokens falling by over 6% in the last 24 hours.
The decline happened amid rising geopolitical fears because of Donald Trump’s warning on Iran’s officials to agree to talks or risk an attack. Odds of an attack have continued rising on Polymarket and other prediction marketplaces. Such an attack would lead to higher volatility, crude oil prices, and inflation.
Pi Network price also crashed as the selling pressure continued. Data compiled by CoinMarketCap shows that the coin’s volume rose to $28 million on Monday, up from $7 million a day earlier. This surge in volume is a sign that many holders have started to capitulate and dump the token.
The rising selling has coincided with the ongoing token unlocks. Data shows that Pi will unlock over 133 million tokens f in February and 1.3 billion in the next 12 months. Token unlocks lead to higher supply over time.
Meanwhile, investors have reacted mildly to the latest news, including the new approach to KYC verification that will make it possible for most pioneers to migrate to the mainnet.
Pi Network price technical analysis
The daily timeframe chart shows that the value of Pi plunged to a record low on Monday. This retreat happened after it formed a rising wedge, which is made up of two ascending and converging trendlines. A rising wedge is one of the most common bearish reversal signs.
The token also formed a double-top pattern at $0.2816, its highest point in October and November last year. It was also much lower than the 50-day and 100-day Exponential Moving Averages.
Therefore, the coin will likely continue falling as it lacks a clear bullish catalyst. A move below the all-time low of $0.1523 will point to more downside, potentially to $0.10.
