Pi Network price goes parabolic as wedge pattern activates

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi Network price went parabolic in a high-volume environment, making it one of the top-performing coins.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The Pi Network token jumped by over 45%, reaching a high of $0.75, its highest point since March 31. This surge happened as its volume soared to over $1 billion, the highest figure since early March. Pi has been in a strong downward trend after peaking at $3 on Feb. 26. It has dropped by over 75% from that level, costing pioneers and other investors billions.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

This crash is mostly because of the incoming supply due to its tokenomics. Cumulatively, the supply will grow by 1.6 billion in the next 12 months. Pi Network price has also plunged as investors remained concerned about the lack of exchange listings since its mainnet launch. Further, Pi coin has plunged since February because of its weak ecosystem growth. The ongoing Pi coin price recovery was due to its technicals, which crypto.news has highlighted before.