Pi Network (PI) Plummets to $0.8798: Binance Listing Rumors Spark Recovery Hopes
- $PI continues its decline, breaking below the crucial $1.88 support and dropping to $0.8798.
- Market volatility adds pressure, with $0.75 emerging as the next key support if the downtrend persists.
- A rebound above $1.30 could trigger a recovery, with potential targets at $1.75, $2.75, and beyond.
- Speculation about a Binance listing fuels optimism, but further downside risks remain.
Pi Networks ($PI) price continues its downtrend, struggling to hold key levels amid heightened market volatility. Bears remain in control as $PI loses a crucial support level, raising concerns about further declines.
$PI Breaks Below Critical Support
Crypto market observer Crypto Diplomat pointed out that Pi Network recently dropped below its key support at $1.88, tumbling to $1.38 before settling lower. The steep decline signals strong bearish momentum, with $PI currently trading at $0.8798, reflecting a sharp 24.85% loss in the last 24 hours. Its market cap stands at $5.98 billion, with a 24-hour trading volume of $841.57 million.
The drop aligns with the broader market downturn, which has been experiencing extreme volatility in recent days. If $PI fails to reclaim lost ground, it could slide further, with $0.75 emerging as the next critical support level. However, a potential rebound remains on the table if buyers step in. Surpassing $1.30 could spark a rally toward $1.75$1.88, with further upside targets at $2.75, $4.53, and $7.07.
Binance Listing Rumors, A Catalyst for Recovery?
Despite the bearish pressure, speculation surrounding a potential Binance listing has fueled hopes of a comeback. If confirmed, such a development could inject fresh bullish momentum into $PI, attracting renewed investor interest and possibly reversing its downward trajectory.
$PI is approaching an attractive accumulation zone, offering a strategic entry point for long-term investors. However, the risk of further downside persists unless buying pressure strengthens.
With the market still in flux, $PIs next move hinges on whether it can reclaim lost support levels or continue its descent. A decisive bounce from the current levels could set the stage for a recovery, but a breakdown could expose the token to deeper losses.
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Text source: TronWeekly
