Pi Network price is crashing today: will it recover?
The Pi Network price is crashing today, Sept. 25, continuing a trend that started in February after its mainnet launch.
- Pi Network price has crashed as the anonymous whale pauses his purchases.
- Sentiment in the crypto market has worsened this week.
- The Valor Pi Fund has attracted just $3,400 in assets.
Pi Coin (PI) plunged by 4% to a low of $0.2700, a few points above its weekly low of $0.1825. It has plunged by over 90% from its all-time high.
Pi Network price is falling as crypto sentiment worsens
The Pi Network token continued its downward trend as sentiment in the crypto market worsened. A closer look showed that most coins, including Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) were all in the red.
The total market capitalization of all cryptocurrencies plunged from the year-to-date high of over $4.3 trillion to $3.8 trillion.
A likely reason for this is that liquidations have continued rising this week. Positions worth over $1.65 trillion were liquidated on Monday, and $430 million today.
Another reason is that some Federal Reserve officials, including Austan Goolsbee, Beth Hammack, and Raphael Bostic, warned about interest rate cuts. They noted that an accelerated rate-cutting cycle will trigger long-lasting inflation.
Pi Network has also dropped because it has had no major catalyst this week. For example, the Valor Pi Fund has only accumulated less than $3,500 in assets in the last 30 days.
At the same time, there have been no major exchange listings since its mainnet launch in February. Pi Network token unlocks have continued. It will unlock 34.7 million coins this month, 121.5 million in October, and 1.265 billion in the next 12 months.
Pi Coin price has also crashed as a prominent whale who has been aggressively buying tokens paused his purchases. The last purchase happened three days ago. Before this, the whale accumulated tokens daily.
Pi Coin price technical analysis
The daily chart shows that the Pi Network price plunged to a record low of $0.1825 on Monday as the crypto market fell.
It has dropped below the important support at $0.3315, its lowest levels in August and September. It remains below the 50-day exponential moving average.
On the positive side, the recent crash could be a shakeout that leads to a strong bullish breakout. This case is supported by the whale buying because he could be someone with advance knowledge of major news.
