- While the broader crypto market, including Bitcoin, has rebounded, PI network price continues to experience losses, with a 22.2% weekly and 37.3% bi-weekly decline.
- Analysts predict PI Coin could rebound, potentially reaching $5.26 by April 25, representing a 353.45% surge.
Pi Network (PI) has witnessed a dramatic change in its market behavior in the last few weeks. The PI token made a sharp gain in value, temporarily becoming one of the top 15 largest digital assets based on market cap. PI reached an all-time high of $2.99 on February 26 before plunging sharply. The token subsequently fell 61.5% from its all-time high and is now the 21st largest crypto in terms of market cap.
Recent Crypto Market Downturn & Pi Coin’s Visible Correction
The broader crypto market has been recovering from last week’s downturn. Bitcoin (BTC), which fell to $77,000 on March 11, has rebounded to the $83,000 level, prompting other digital assets to follow suit. However, despite this upward momentum, PI continues to experience losses.
The price of the PI token has been going down on several timeframes. In the last 24 hours, PI fell by 0.4%, while its weekly and bi-weekly losses are 22.2% and 37.3%, respectively. This protracted decline is probably because investors locked in gains after PI reached its all-time high price last month. Besides, with minimal real-world uses, most holders might find little reason to hold on to their positions, thus resulting in additional sell-offs.
PI Token Price Shows Potential For Record New High
In spite of recent setbacks, there are predictions that PI will experience a robust rebound and break above its former all-time high. As per CoinCodex, the Pi Coin price could rise to $5.26 by April 25, a notable 353.45% rise from its current prices.
Its value surge is also contingent on many variables, ranging from general market conditions to the mood of the investors and whatever happens in the Pi Network environment. If the crypto market persists in its long-term recovery mode, PI Network has the potential to gain the thrust it needs to achieve new record prices.
However, hurdles persist for the Pi Coin’s price trajectory. Market volatility, global economic conditions, and uncertainty among investors may hamper the growth of the token. While positive forecasts predict a robust rally, there is also a chance that PI Network will not be able to regain its former heights, much less reach beyond them. With April drawing near, everyone will be keeping an eye on the price action of PI in order to see if it will reach the predicted target or if more corrections are in store.
Latest Developments In the Ecosystem
The PI ecosystem has continued to expand, irrespective of the price movements. Over the last weekend, the Pi Core team announced the launch of .pi Domains to drive greater utility within the ecosystem, as mentioned in our last news story.
Much recently, Pi Network has implemented two-factor authentication (2FA) in wallets, enhancing security for Pi migration to the Mainnet, with a 14-day verification period, highlighted earlier.
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