Why Is Pi Networks PI Falling While the Entire Market Rallies?
TL;DR
- The broader crypto market has posted impressive gains over the past 24 hours, led by bitcoins surge past $85,000.
- However, PI continues to disappoint even in such more positive times, as its price is close to breaking below $0.7 after another minor daily decline.
As the graph above demonstrates, it has been nothing short but a volatile downfall for PI, which was released to the public and for global trading just over a month ago. The asset peaked in late February, but has dumped by more than 75% since the $3 all-time high.
Despite some promising developments on the Pi Network front, such as verification process updates, the native cryptocurrency has failed to recapture its momentum and is down by 3.5% in the past day.
This is particularly disappointing given the fact that almost all other crypto assets have marked gains within the same period. Bitcoin surpassed $85,000 for the first time since Friday, ETH is above $1,900, while DOGE and ADA have jumped by over 4% daily.
Nevertheless, Pi Networks community, which has grown exponentially in the past several years when the project was still under development, remains bullish despite the negative price performance as of late.
Numerous X users predicted that its price could bounce-off the current $0.7 support and head toward $2 once the market volume returns. MOON JEFF was even more bullish for PIs short-term price movements, indicating that it could go to $2.73 by the end of the month.
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