Pi crypto price remains under intense pressure this week amid muted demand and soaring supply. Pi Network plunged to a low of $0.3308 during the weekend, down by nearly 90% from its highest point in February. So, can it jump to $100 as some analysts and pioneers predict?
Why Pi Crypto Price Crashed
Pi crypto price has tumbled after its mainnet launch for several reasons. First, Pi Network has not lived up to its expectations as it has become a ghost chain despite the Core Team’s efforts.
While over 100 apps exist in the mainnet, none have gone mainstream so far. One potential reason for this is that its games and apps are limited to the Pi Browser and not to the iOS and Android platforms.
Pi Network does not have any mainstream decentralized finance (dApp) like Aave, Maple Finance, and Uniswap. It is also not accepted by any retailers, contrary to the hopes of most users.
Second, the Pi crypto price has crashed as centralized exchange listings have remained elusive. No major exchange, such as Upbit and Coinbase, has listed it, making it only available in a handful of companies.
Third, the Pi Network price has plunged as concerns about its centralization have remained. It is largely controlled by the Pi Foundation, an obscure organization that has remained in the background. This foundation controls over $90 billion Pi tokens and is not audited.
Further, the Pi coin token has plunged because of the daily unlocks. Data shows that over 1.19 billion tokens will be unlocked in the next 12 months. This increase in supply will happen during a period of limited demand, pressurizing the price.
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Can Pi Network Price Jump to $100?
Some crypto analysts believe that the value of the Pi token can reach $100 over time. These investors cite its potential utility and the fact that they see it as an equivalent to Bitcoin.
Pi token was trading at $0.363 on Monday, meaning that a jump to $100 would be a 27,460% surge from the current level. A jump to $100 would give it a fully diluted valuation (FDV) of $10 trillion, much higher than the current $4.38 billion.
While anything is possible in the crypto market, it’s unlikely that a surge to $100 will occur.
Short-Term Pi Coin Price Prediction
The daily chart shows that the Pi token price has been in a free fall in the past few months. It plunged to a record low during the weekend, moving below the crucial support at $0.3927, where it formed a double-bottom pattern whose neckline is at $1.6728.
On the positive side, crashing below the double-bottom could be a fakeout that ushers in more upside. Besides, it has formed a falling wedge pattern, which often leads to a bullish breakout.
Therefore, while the selling pressure may persist, the token may still bounce back, possibly to $1 and then to the neckline at $1.6728, which is up by over 350% from the current level.
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