Why did the PI Network (PI) price fall today?

“The question is extremely low and the use of PI in the chain is bad,” claimed a popular X user.

“Uptober” has (so far) been more than generous for the cryptocurrency market, where Bitcoin (BTC) and Binance Coin (BNB) have risen to new record prize levels.

However, the PI of Pi Network did not join the party and its appreciation continues to fall.

The bears remain the boss

Just a few hours ago, the price of the native token from Pi Network collapsed to a new low of around $ 0.23 (according to the data from Coingecko). Later the rate recovered slightly to the current $ 0.24, which amounts to a decrease of no less than 30% on a monthly basis and a crash of 90% compared to the peak of $ 3 that was registered in February.

The market capitalization of PI fell below $ 2 billion, making it the 74th largest cryptocurrency. Bear in mind that earlier this year the capitalization exploded above $ 13 billion, which means that it was an active part of the top 20 club of Crypto (at least for a while).

Some members of the community believe that the free fall can continue in the short term. The X user with the nickname The Times of Pinetwork, for example, predicted That the rating could soon fall to $ 0.10.

For their part, the members of the Pinetwerk argument That the Pi Network team “has not done anything good and reasonable for PI since the launch of Open Mavet, and that they have no idea where to lead this project.”

“There is no decentralization, announcements are not yet fulfilled and developed, two people in the network check everything. The question is extremely low and the use of PI in the chain is bad. Those are all big red flags … So now enjoy seeing that Pi has been burned and will never recover again,” they added.

Something for bulls

Despite the negative performance of PI lately, some factors point out that there is a revival ahead. To begin with, the coming unlocks of tokens are considerably less substantial than those of previous months. Data shows that fewer than 120 million PI will appear in the next 30 days.

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The following on the list is the decreasing number of coins stored on crypto exchanges. About 2.5 million PI have been transferred from centralized platforms to self -management methods in the last 24 hours, which has led to a reduced sales pressure.

Finally, but no less important, we will talk about the Relty Strength Index (RSI), which plummeted to 24. Exhibitions under 30 indicate that the price of PI has fallen too quickly in a short time and possibly a recovery. On the other hand, everything above 70 is often interpreted as a harbinger of a correction.