Pi Network Reaches 4M Followers, Battles Bearish Trends
The Pi Network community is pushing for a listing on Binance, while navigating the challenges of token unlocks, market weakness, and technical issues, as the cryptocurrency's price and market capitalization continue to fluctuate, with some analysts predicting a potential bullish move ahead.
Pi Network has reached a milestone of 4 million followers on X, closing in on Dogecoin's 4.3 million followers, and is now the 11th largest cryptocurrency by market capitalization on CoinMarketCap, but its price has plummeted to $1.3340, a 55% decline from its February peak of $3.
The cryptocurrency's unique mining model and closed mainnet have contributed to its rapid growth and adoption, despite concerns over token unlocks, broader market weakness, and bearish technical indicators. The token's circulating supply is set to increase, with 93 billion tokens yet to be released, which could put immense selling pressure on the market. For March alone, 188 million tokens are scheduled for release, with 1.4 billion set to enter circulation throughout the year.
The broader crypto market downturn, led by Bitcoin's decline, has also contributed to Pi Network's struggles. The token has breached a crucial neckline at $1.50, confirming a bearish Head and Shoulders pattern, and key indicators suggest further downside. The community is also frustrated over mainnet migration issues, with some Pioneers calling for an extension of the deadline until these technical issues are fully addressed.
If the downtrend persists, Pi Coin could break below the critical $1.00 support level, potentially triggering further panic selling. However, some analysts remain optimistic, particularly with Pi Day (March 14) approaching, and believe that the token could reclaim and sustain above $1.50, potentially paving the way for a bullish move.
