- Pi Network price has moved into a bear market after falling by ~40% from the year-to-date high.
- The sell-off is mostly because investors are selling the recent Kraken listing and Pi Day news.
- Pi Coin will likely drop further in the near term and then bounce back.
The Pi Network price has sunk into a bear market, falling by ~40% from its peak this month. It has dropped for the last 5 consecutive days and is now trading at its lowest level since March 4. This retreat happened despite major market news and intense whale accumulation.
Pi Network Price Has Crashed After Major News
Pi Coin’s price dropped sharply as investors sold off after the recent positive news about the ecosystem, including Pi Day and the Kraken listing. It is common for an asset to drop sharply after a major event happens as investors book profits.
Still, on the positive side, the token has several major catalysts that could drive a strong rebound. One catalyst is that the recent Kraken listing may prompt more crypto exchanges to list it this year. Some potential companies with a major impact include Coinbase and Binance.
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The coin may also benefit from the ongoing whale accumulation. Data compiled by PiScan shows that the largest Pi Network whale is continuing to buy tokens, a sign it will remain strong. The whale bought 423k tokens on Tuesday after buying 282k on Monday. He has bought 17 million tokens so far, currently valued at over $3 million this year.
Another potential catalyst is that developers unveiled smart contract capabilities after the recent v20 upgrade. Smart contracts will enable developers to build decentralized applications across industries such as decentralized finance and real-world asset (RWA) tokenization.
This upgrade marks a major milestone as it works to launch the PiDEX and its automated market maker (AMM) tools. It will also launch its native tokens, tied to the ecosystem’s applications.
Additionally, the developers have launched the second migration with referral bonuses. This rollout will enable pioneers to move more Pi tokens to the mainnet.
Pi Coin price will also do well as the developers launch the validator reward distribution, which will start this month. Also, the developers are accelerating the KYC process using AI and are working to launch the KYC-as-a-Service solution.
Pi Coin Price Prediction: Technical Analysis
The daily timeframe chart shows that the Pi Coin price has crashed over the past few days as investors sell amid recent news. It has slumped from $0.2977 on March 13 to the current $0.1800.
It formed a bearish engulfing pattern that day, as a large bearish candle fully covered the previous bullish candle. The coin has moved below the Major S&R Pivot Point level of the Murrey Math Lines tool at $0.1953.
Pi Network price has moved below the 50-day moving average and the middle line of the Bollinger Bands indicator.
Therefore, Pi Network Coin will likely continue falling as sellers target the Strong Pivot Reverse level of the Murrey Math Lines tool at $0.1500. It will then bounce back in the coming weeks or months as investors buy the dip.
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