Pi Coin, a digital asset that has been making waves in the cryptocurrency space, is currently facing a challenging period as it struggles to recover from a significant loss. Trading at $1.16, the coin has experienced a sharp decline of 31% in the past week, putting it under pressure as it tests key support levels.
Key Price Levels to Watch
At its current price of $1.16, Pi Coin is just below the crucial resistance level at $1.20. The upcoming price action will be pivotal in determining the coin’s future trajectory.
Possible Rebound?
If Pi Coin manages to break above the $1.20 resistance level and sustains its upward momentum, it could potentially target price levels of $1.40 or even $2, offering hope for bullish investors.
Possible Decline?
Conversely, if Pi Coin fails to hold its current position, there is a risk of a further decline towards the $1.05-$1.02 range.
Binance’s Decision and Growing Concerns
In addition to its price struggles, Pi Coin has faced a setback with the recent decision by the global cryptocurrency exchange Binance. Binance chose not to include Pi Network in its “Vote to List” campaign, where users could vote on which projects would be listed on the platform. This move has raised concerns within the crypto community, as many had anticipated Pi Network’s participation in the campaign.
In a statement, Binance clarified that its “Vote to List” initiative was specifically focused on projects built on the BNB Smart Chain, which unfortunately excluded Pi Coin from consideration. This decision has come at a critical time when Pi Coin was seeking broader exposure and listings on major platforms like Coinbase and Binance.
As Pi Coin navigates through this challenging period, investors will be closely monitoring its price movements and any developments that could impact its future prospects. Stay tuned for updates on Pi Coin’s journey in the cryptocurrency market.