Pi Network’s token, Pi, has recently faced a significant drop in price, falling by 4% to $1.45 after a brief surge to $1.70. Despite this setback, new developments such as the introduction of Pi domains have reignited interest in the coin, leading many to believe that Pi could potentially surpass $2 in the near future.
The current support level for Pi stands at $1.20, with a drop below this point potentially signaling further declines. On the other hand, the resistance level is around $1.90, and a breakout above this point could trigger a bullish momentum, with $3 as the next major target for the coin.
The much-anticipated Pi Day celebrations did not meet expectations, resulting in a sell-off. One of the main reasons for this was the KYC purge, where millions of unverified accounts lost their Pi tokens, leading to frustration and panic selling within the community. Additionally, market constraints such as operating within a closed-loop economy and limited exchange listings have hindered Pi Network’s growth potential.
Despite these challenges, Pi Network remains optimistic about its future. The recent launch of domain bidding with Pi Coins has generated excitement, offering community members the opportunity to secure unique domain names in the decentralized space. This development is viewed as a potential game-changer for Web3.
Looking ahead, the success of Pi Network will depend on its ability to enhance utility, achieve real-world adoption, and provide a clear roadmap for its future development. With ongoing advancements and potential exchange listings on the horizon, many are hopeful that Pi Network could soon reach new heights in the cryptocurrency market.