Pi Network (PI) has shown resilience in recent price movements but is approaching a crucial resistance level. Currently, PI is trading at $1.15, reflecting a 2.14% increase in the last 24 hours. Despite this upward trend, trading volume has dropped significantly by 24.42% to $352.79 million.
This decline suggests cautious sentiment among market participants. Meanwhile, the overall market capitalization has risen by 1.86% to $7.9 billion, indicating that investor confidence remains steady.
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Key Price Levels and Market Trends
Traders are closely watching the $1.20 resistance level, which is expected to be a major hurdle for further price gains. The strongest support zone appears around $1.13, with additional consolidation between $1.14 and $1.15.
If PI breaks above $1.20 with strong trading activity, the next target could range between $1.22 and $1.25. On the other hand, failure to sustain momentum may result in a price pullback toward the $1.12 to $1.14 support zone.
PI’s price movement has been characterized by higher highs and higher lows, which typically indicates an uptrend. However, the sharp decline in trading volume raises concerns about the sustainability of this upward trajectory.
If buying pressure strengthens, a breakout past $1.25 could be possible. Conversely, a lack of momentum might lead to a downward correction, with some traders speculating a dip towards the $1.00 mark.
External Factors Influencing PI’s Market Performance
Several external elements could impact PI’s price direction in the coming days. The recent deadline for completing Know Your Customer (KYC) verification on March 14 has introduced uncertainty. Users who fail to verify their accounts risk losing their mined PI, which could lead to selling pressure.
The ongoing absence of significant exchange listings also remains a concern for investors. While Binance’s community vote saw an overwhelming 86% support for listing PI, the exchange has yet to act on it.
The lack of availability on major trading platforms influences sentiment around PI’s market potential. With the market at a pivotal point, traders are watching closely to see if PI can sustain its current momentum or if selling pressure will lower the price.
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