Pi Network price has plunged to a record low despite some major ecosystem and KYC news.
Summary
- Pi Network price has crashed to a record low this month.
- It has ignored some major ecosystem news from the Pi Core Team.
- Technical analysis suggests that a rebound is possible, as it has formed a bullish divergence pattern.
Pi Coin (PI) token was trading at $0.2052, today, Oct. 24, down by over 90% from its highest point this year. It has shed over $18 billion in value, making it one of the top laggards in the crypto industry.
Pi Network price was muted after the developers sent a major update on the ongoing KYC migration. They noted that over 3.36 million additional pioneers had successfully passed the Know Your Customer process. This happened after a newly launched process made 4.76 million pioneers eligible for approval.
In the post, Pi Core Team said that the new approach involves concepts of artificial intelligence and advanced data analysis of large models to ensure that each applicant is a real person.
The team has made some major announcements recently. For example, they recently launched a new Pi App Studio upgrade that makes it easy for developers to build applications.
Additionally, they launched the testnet for features to introduce decentralized exchanges, automated market makers, and liquidity providers in the network. Once launched, it will be possible for developers to launch these platforms, allowing users to trade Pi and other coins on the platform.
Still, these events have not boosted the Pi Network price because core issues remain unaddressed. For example, Pi has become a highly illiquid token with the daily trading volume of less than $30 million, a tiny amount for a crypto project worth over $2 billion.
Pi Network is yet to be listed by more crypto exchanges, and there are no signs that a listing will happen anytime soon. Also, it is unlocking millions of tokens a month, and is one of the most centralized projects in the crypto industry.
Most importantly, the Pi Core Team has yet to share an updated roadmap with the community, which is one reason why most pioneers have dumped their tokens.
Pi Network price technical analysis points to a potential rebound
While Pi Network price has many bearish catalysts, technicals suggest that a rebound is possible. It has formed a falling wedge pattern on the daily chart, and the two lines are nearing their confluence, which may lead to a rebound.
Pi Coin price has also formed a bullish divergence pattern, which happens when oscillators start to change direction. For example, the two lines of the True Strength Index have formed a bullish crossover.
Similarly, the Relative Strength Index has exited the oversold level and moved to 32. Therefore, the token will likely bounce back, potentially to the key resistance level at $0.50.
