Pi Network Coin’s value has dropped by a staggering 21% this week, making investors concerned and vigilant about the token’s future trajectory.
The main reason behind the decline of the token is the doubt about Pi Network’s long-term sustainability; many people doubt its validity and usefulness in the larger cryptocurrency market.
At the press time, the token is trading at $1.36, down 4.16%Â as compared to the same time last day.
Pi Network Fall: What is Behind it?
Although the network states that it is working to move to a fully decentralized blockchain, it has not yet produced a workable product that can rival well-known cryptocurrencies like Ethereum and Bitcoin.
Further limiting the Pi Network coin’s exposure and possibility for further acceptance is its lack of liquidity and availability on major exchanges.
The market’s uncertainty about the network’s future has resulted in speculative selling because it is still in its early stages of development.
All things considered, market mistrust, restricted exchange access, and a general dearth of obvious, concrete use cases are to blame for the decline in Pi Network Coin’s price, which has made investors cautious.
Pi Network Coin Short-Term Trajectory: What to Expect?
Due to a number of factors influencing its market performance, Pi Network Coin’s short-term price trend is still unknown.
Investors find it challenging to determine the coin’s actual worth due to its limited exposure and lack of liquidity on major exchanges.
Potential investors have also expressed concern due to doubts about the project’s long-term feasibility and the lack of a completely decentralized blockchain.
Pi Network Coin may continue to be volatile in the near future, with speculation playing a major role in price swings. The coin’s value may be subject to additional negative pressure if the project is unable to fulfill its promises regarding its blockchain transition or increase transparency.
On the other hand, any encouraging information or advancements, such fruitful collaborations or more exchange listings, can cause prices to rise.
Pi Network Market Technical Indicators?
At the moment, Pi Network Coin’s market technical indicators show volatility and unpredictability. Due to its low availability and liquidity on major exchanges, the coin’s price has fluctuated significantly.
With the price regularly falling below important support levels, moving averages (MA) indicate a lack of steady upward momentum. The coin is frequently in neutral area, according to the Relative Strength Index (RSI).
Furthermore, Pi Network Coin’s market depth is still weak, which leaves it vulnerable to significant price fluctuations based on few trades. The coin’s unpredictable behavior is also exacerbated by the lack of significant volume on well-known exchanges.
Pi Network Coin needs better market access, more liquidity, and more transparent advancements regarding its blockchain future in order to inspire confidence and draw in purchasers and create a more stable trend.