The price of Pi, the token for Pi Network, has dropped by 4% to $1.45. This comes after a brief surge of 20% to $1.70, which was followed by a correction. Despite this setback, the launch of Pi domains has generated renewed interest, leading some to believe that Pi could reach above $2 again soon.
The current support level for Pi is $1.20. If the price falls below this level, it could indicate further declines. On the other hand, the resistance level is around $1.90. If the price breaks out above this point, it could trigger a bullish momentum, with $3 being the next target.
Pi Network’s Pi Day celebrations did not meet expectations, resulting in a significant sell-off. One of the main reasons for this was the KYC purge, where many unverified accounts lost their Pi tokens, causing frustration and panic selling among the community. Additionally, the closed-loop economy and lack of open blockchain access and major exchange listings have limited Pi Network’s growth potential.
Despite these challenges, Pi Network remains optimistic about its future. The recent launch of domain bidding with Pi Coins has generated excitement, as it offers community members the opportunity to secure unique domain names in the decentralized space. This development is seen as a potential game-changer for Web3.
The future of Pi Network relies on its ability to develop stronger utility, gain real-world adoption, and provide a clear roadmap. With ongoing developments and potential exchange listings, many are hopeful that Pi Network will reach new highs soon.
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