In the cryptocurrency market, Pi Coin has recently caught significant attention due to a sudden drop in its value, leading to a wave of panic.
The price unexpectedly fell below $0.55 after previously reaching $0.62. However, a fresh crossing on the MACD indicator has once again highlighted the potential for recovery. With a market capitalization exceeding $4 billion, Pi Network continues to capture substantial interest from investors.
The Persistent Hope for an Upward Trend in Pi Coin
On the technical front, analyst Andrew Griffiths identifies the $0.75 – $0.78 range as critical for Pi Coin. Should the price breach this threshold, Griffiths believes it could pave the way for momentum towards $1. Conversely, a sustained drop below $0.55 could increase the risk of a pullback to $0.288. Although the direction is yet unclear, volume data indicates that small investors have begun gradual buys.
Meanwhile, the unlocking of 8.9 million Pi Coins today could exert additional selling pressure, potentially fueling short-term volatility. Nevertheless, the KYB approval of Banxa, enabling cash purchases of Pi Coin in over 100 countries, may alleviate liquidity constraints. The 18% increase in transaction volume within the first 24 hours of Banxa’s integration demonstrates continued demand.
Strategic Alliances and Criticisms within the Pi Network
Pi Network’s collaboration with BNP Paribas aims to offer faster, low-cost payments through Open Banking and Instant SEPA transfers. Additionally, incorporating third-party KYC providers could simplify mainnet wallet activation and accelerate network expansion. These measures encourage adoption by allowing users to transfer cryptocurrency within seconds.
However, critics argue that Pi Coin’s appeal is diminishing due to limited real-world applications and weak market depth. Leading analyst Dr. Altcoin likens the project to a “buried treasure,” suggesting that dormant potential will eventually surface. He also believes that with the right scaling steps, Pi Coin could become a key player in the cryptocurrency revolution.
