- The Pi team launched Fast Track KYC not long ago, using AI to accelerate verification for users and reduce friction in migration to the mainnet
- Pi has recently plunged by approximately 20% in a single day, creating a new all-time low of around $0.25
- A large amount of new PI tokens (over 130 million) is set to be released into the market in the next 30 days
Pi Network recently launched the v23 protocol upgrade on Testnet, designed to enhance scalability, stability, and readiness for real-world transactions.
The Pi team also launched Fast Track KYC not long ago, using AI to accelerate verification for users and reduce friction in migration to the mainnet.
However, despite these new developments, price-wise, Pi has faced big pressure. It recently plunged by approximately 20% in a single day, creating a new all-time low of around $0.25, with weak inflows into its exchange-traded product (ETP).
Related: Pi Coin Price Prediction: Pi Struggles To Recover After Breakdown
Over 130 million new PI tokens are expected to be released into the market in the next 30 days, which could lead to more people selling and even worse price performance. Still, some experts are somewhat hopeful, pointing out that if the price can break above key levels such as $0.340 – $0.360, a bounce-back is possible.
Why a rebound is challenging
The current mood around Pi is negative, with little trading activity, fading interest, and very weak investment in its official ETP (reportedly only $3,400 in a month).
Then, the huge number of tokens set to be unlocked soon is likely going to be a problem, because even if new buyers appear, many people might just sell their newly available coins.
Also, Pi’s price still moves with the rest of the crypto market, especially Bitcoin. If Bitcoin’s price falls (down roughly 5.5% in the last 7 days), Pi and other altcoins tend to drop even more.
What could trigger a rebound
Things aren’t looking that great for Pi at the moment, but a rebound is possible if several things happen.
For instance, a clear and strong price move above a key resistance level, like breaking past $0.36 with high trading activity, is a good start.
Moreover, any good news from the project itself, like a successful mainnet launch, a lot of users completing verification (KYC), or new partnerships and real-world uses, could end up putting Pi on the map again.
Naturally, a positive overall economic environment is key as well. In other words, Pi will likely follow suit if factors like investor confidence are high, central banks make money easier to borrow, and the crypto market as a whole rises.
Related: Pi Price Prediction: New All-Time Low At $0.27 Puts $0.20 Support In Focus
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Source: https://coinedition.com/can-pi-recover-this-month-test-at-0-25-resistance-near-0-36/
