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Pi Network’s Price Tanks to a New All-Time Low: Is There Any Hope Left for PI?

TL;DR

  • PI collapsed by double digits, whereas rising change balances and upcoming token unlocks level to mounting promoting strain.
  • Despite the bearish sentiment, the asset’s RSI at 29 indicators oversold circumstances, hinting at a potential rebound.

PI Bleeds out Heavily

The cryptocurrency market experienced a sudden and painful correction right now (September 22), with Pi Network’s PI being among the many largest losers. Its worth tumbled by 18% on a 24-hour scale, briefly dumping to a new all-time low of round $0.25 earlier than barely rebounding to the present $0.29 (per CoinGecko’s information). 

PI Price
PI Price, Source: CoinGecko

Its market cap plunged beneath $2.5 billion, thus making the asset the 62nd-largest in the whole sector. Recall that earlier this 12 months, when PI’s worth hit an all-time high of $3, the capitalization skyrocketed above $13 billion, positioning the asset in crypto’s prime 20 membership. 

Over the previous few weeks, Pi Network’s staff applied some important upgrades that goal to strengthen the ecosystem. Most just lately, the X account Pi News revealed that the testnet has been upgraded to protocol v23, which permits extra management and new functionalities for customers.

Announcements of that sort, although, haven’t been useful for PI’s worth. At the identical time, components just like the elevated quantity of tokens saved on crypto exchanges suggest the pullback may intensify within the brief time period. Data reveals that the determine reached a new report of over 446 million, with virtually half of that saved on Gate.io.

The fixed switch of cash to centralized platforms doesn’t assure a mass exit, nevertheless it is commonly interpreted because the step earlier than a sale. 

The whole unlocks scheduled for the following month additionally help the bearish situation. More than 137 million PI are scheduled for launch inside that interval, with October 1 being the report day (13.1 million). The unlocks, albeit not as aggressive as earlier this 12 months, improve the promoting strain.

PI Token Unlocks
PI Token Unlocks, Source: piscan.io

The Light on the End of the Tunnel

Contrary to the weather above, which trace at extra troubles forward for the bulls, PI’s Relative Strength Index (RSI) suggests the worst may be over. 

The technical evaluation software measures the velocity and magnitude of current worth adjustments to assist merchants establish potential reversal moments. It ranges from 0 to 100, with values beneath 30 indicating the asset could also be oversold and poised for a rebound. As of this writing, the RSI stands at round 29.

PI RSI
PI RSI, Source: TradingView

Meanwhile, some Pi Network neighborhood members imagine the current worth decline may symbolize a superb shopping for alternative. Such is the instance of the X person Woody Lightyear, who said:

“I watched it stay. I used to be ready for it. The lengthy pink wick candle was a lovely alternative. Please liquidate the shorts, too. I’m shopping for PI.”

The submit Pi Network’s Price Tanks to a New All-Time Low: Is There Any Hope Left for PI? appeared first on CryptoPotato.

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