- PI token trades at $1.70, down over 40% from its all-time high of $2.98.
- Vietnam issues a reminder on PI’s legal status; Binance listing rumors continue.
Pi Network’s PI token remains volatile, trading at $1.73 after a sharp decline from its all-time high. The token, which launched on February 20, initially surged 705% on its first day before climbing 1,458% to a peak of $2.98 within a week. However, heavy selling pressure has led to a more than 43% drop.
The market capitalization of PI stands at $11.69 billion, reflecting a 1.93% decline. Trading volume has also dropped 7.10% in the last 24 hours, settling at $1.15 billion. The token’s fully diluted valuation (FDV) currently sits at $170.9 billion, while its volatility to market cap ratio remains high at 9.84%.
A brief dip to $1.52 earlier today signaled continued selling pressure, though the price has since stabilized. Vietnam recently stated PI’s legal status, but it largely served as a reminder rather than an outright regulatory action. Meanwhile, speculation around a potential Binance listing persists, though no confirmation has been made.
Can PI Token Overcome Bearish Signals and Rebound?
Technical indicators show mixed signals for PI’s price movement. The Relative Strength Index (RSI) is at 43.28, slightly below the 42.77 average, suggesting weak momentum. The Chaikin Money Flow (CMF) indicator remains negative at -0.02, pointing to limited buying pressure.
Moving averages indicate a bearish trend, with the token facing resistance at $1.90 and support at $1.60. A break above resistance could push PI back toward the $2.00 mark, while further declines remain possible if selling pressure continues.
Market sentiment remains cautious, with investors closely watching for potential catalysts such as an exchange listing. Forecasts suggest a potential recovery, with CoinCodex predicting a 234.84% increase in March, targeting an average price of $3.37 and a high of $5.64.
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