Pi Network has fallen by 5% in the past 24 hours, with the alt’s slide to $0.9515 coming as the crypto market as a whole actually recovers by 1% today.
PI is now down by 30% in the last seven days, and while it holds on to a 9% increase in a month, it’s also down by 68% since reaching an ATH of $2.99 on February 26.
However, PI’s chart and indicators have now entered a strongly oversold position, implying that the coin should rebound sooner or later.
But without a listing from Binance or other major exchanges, Pi Network may continue to languish for a while, even if its longer term price prediction looks more encouraging.
Is Pi Network Ready to Bounce?
As the chart below reveals, Pi Network has been trading within a narrow and descending band for the entire month.
Its 30-period average (orange) is falling further below the 200-period average (blue), while its RSI (purple) remains just below 40, having spent several days last week under 30.
Source: TradingView
But in the particular case of PI, we shouldn’t take it for granted that a rebound is coming, especially when the coin’s trading volume remains so low, at $290 million today.
This contrasts very unfavorably with the heights – of more than $3 billion – it reached in late February, not long after the coin’s mainnet launch.
But since then, there has been a lack of positive news stories, with PI’s community still continuing to agitate for a Binance listing, as well as listings on other exchanges.
PI community members are especially unhappy that Binance, having held a community vote specifically on listing PI, still won’t honor the positive outcome of this vote.
But while community members may be justified in their dissatisfaction with Binance, outside observers may regard the latter’s reluctance to list PI as a warning sign.
Indeed, many outside voices have been criticizing Pi Network for its centralization and describing it as a Ponzi, something which may be deterring exchanges.
And if the likes of Binance, Coinbase and Kraken do not come through with listings, we may see Pi Network continue its decline of the past month.
It could fall to $0.80 by the middle of April, while a listing from one of the above exchanges could push it back towards $1.50.
New Altcoins with Stronger Long-Term Potential
Given the uncertainty surrounding Pi Network, many traders may prefer to turn to alternatives already, with several newer tokens already looking more promising.
One of the most interesting right now is MIND of Pepe (MIND), an ERC-20 cryptocurrency that has raised $7.5 million in its ongoing presale.
MIND of Pepe is gearing up to launch an autonomous AI agent, which in the vein of Truth Terminal will generate its own meme coins.
On top of this, MIND of Pepe’s platform will scan social and market data to produce market analysis and advice, while also using big data to identify trends it will harness via its self-generated tokens.
As its native token, MIND is bullish because it’s the only way of gaining access to its advice and analysis, while holding it will also provide early access to the tokens it creates, before they list.
MIND could therefore attract considerable demand, with investors able to buy it now – and at a discount – at the MIND of Pepe website.
MIND is currently selling at $0.0035803, with this price will rise once again tomorrow, and will continue to rise every few days until the sale closes.
And given that its sale has proven successful so far, it could rise much higher than this price once it lists in the next few weeks.
The post Is Pi Network Oversold or Just Getting Started? Price Drops Below $1 — What PI Holders Need to Know appeared first on Cryptonews.
