NOIDA (CoinChapter.com) — Pi Network, the mobile mining platform, might be in trouble after some exchanges show its native token, PI, dropping nearly 98% from its recent price near $40.
The token, which has not launched yet and is only trading as IOU on certain exchanges, plummeted suddenly to $0.62 on April 4.
However, on other exchanges, the token continues to trade near $40, leaving the question of whether it is a fluke or if some exchanges are seeing a massive spike in selling pressure against the Pi Network coin price.
Pi Network Coin Price Plunge- A Rugpull?
Such drops in a token’s price action are abnormal and usually occur due to malicious outside forces. The sudden drop in prices could also spread rumors of a rug pull.
The Pi Network remains a testnet despite multiple promises of the open mainnet launch. As such, users are beginning to move away from the blockchain platform despite an aggressive marketing campaign by the Pi Network team.
Furthermore, there have been talks that the open mainnet launch, earlier planned for June 2024, could get pushed to December later this year. The constant delays in the open mainnet have often caused users to accuse the project of scamming.
However, despite CoinMarketCap’s charting data, it seems the price has fluctuated on only some exchanges. HTX and BitMart, which see the majority of the PI coin’s trading volume, list the token’s price as $38.
It is possible that the crash in the PI coin prices could be a result of CoinMarketCap might be the result of an error, resulting from the platform listing a project with a ticker similar to Pi Network. However, neither CoinMarketCap nor Pi Network has responded to questions.
A user on X claimed that the plunge in prices was a result of CMC listing the wrong token, but the charting website has not corrected its error at the time of writing.
PI Coin Price Crabbing
Meanwhile, on HTX, PI coin price continued crabbing.
The Pi Network coin price failed to break above the 50-day EMA (purple wave) dynamic resistance. Long upper wicks on the token’s recent daily candles highlight the bearish pressure against PI coin.
News of the price crash could create a FUD, resulting in panic selling, which could increase the bearish pressure against the token.
Bulls would likely try to hold the 100-day EMA (blue wave) support near $37.5 as the PI coin price breaching the immediate support could lead to further sell-off, pushing the token to the support near $30 before recovering.
However, if bulls manage to start a rally, the Pi Network token’s price could rally to the resistance near $46.2. Flipping the immediate resistance might help the PI coin price target the resistance near $55.
The relative strength index, which measures asset price movement to determine overbought or oversold conditions, remained neutral for PI, with a score of 45.23 on the daily charts.
