Pi Coin experienced another major defeat which resulted in a 15 percent decrease following 24 hours that pushed down its weeks of decline to over 40 percent. The trading value of cryptocurrency has fallen to $0.55 after reaching $2 in earlier 2023.
The decline comes amid growing unrest in the Pi Network’s community, which now stands at over 60 million users. The project suffers from rising user concerns about its fate because top exchange platforms refuse to add the token to their listings.
Pi Network gained widespread attention in February when its mobile mining app drove massive user engagement and hype. Binance and other major trading platforms have refused to support the trading of PI coin which forces investors to work with limited liquidity options.
Paul Grewal displayed the Pi Network logo on his Twitter feed at the start of March 14. Many crypto observers believe that Pi Day worthiness of the post marked an opportunity for Coinbase to potentially list the token.
Coinbase facilitates listings based on community backing which remains their standard evaluation approach despite not having any formal plans. The vast user base of the Pi Network has made a possible exchange listing a vital motivation for its community members.
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Community Calls for Urgent Supply Management as Selling Pressure Intensifies
Aside from the push for exchange listings, some within the community have called for immediate token burning to control the growing supply. Some groups view this method as a solution to stabilize prices and attract additional investors into the project.
The increasing sell-offs without planned interventions threaten to pull Pi Coin down to its next support level at $0.40. Early believers in Pi Coin face intense concern because the token dropped beyond 68 percent since its release as per CoinMarketCap data.
Analysis using technical indicators indicates Pi Coin exists within an area of overselling at present. The Relative Strength Index has reached 29 signaling that continuous selling pressure continues in the market.
The bearish sentiment in the market continues due to the negative posture of the Moving Average Convergence Divergence (MACD) indicator. Market analysts agree the $0.60 support mark needs to be retaken for Pi Coin to stop declining in value.
Investors observe Coinbase actively for information about a potential listing because they consider this as an essential survival factor. Since no new developments emerge about Pi Coin the market sentiment remains under pressure.
Conclusion
Investors now expect the project core team to execute decisive actions because Pi Coin maintains a downward trend in its market value. The market requires decisive actions from Pi Coin from token burning or major exchange listing to build price stability along with long-term credibility.
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