The price of the native token of PI Network, PI, fell to its lowest level ever recorded, exceeding $ 0.4 before continuing its retirement at $ 0.35 at the time of the editorial staff. The accident occurs just a few days after a controversial announcement of the PI network team, which may have intensified the lowered feeling throughout the community.
Pi breaks historic stockings as the downward trend is deepened
The PI / USDT pair has now fallen under each level of key support since its launch. As shown in the weekly graphic, Pi is negotiated under a descending trend line and remains below all the main resistance points of Fibonacci. At the time of writing the present The broader domination of Altcoin is more weakening.
This week’s candles a continuation of the regular decline that started in March, despite the sporadic optimistic tips. This allowed Pi to continue decline with each movement And is now negotiated at its lowest price level since its launch.
Interestingly, this accident occurred in the middle of a recent announcement of the PI team. The PI network team published an ad Undering the pioneers to voluntarily lock their Pi tokens to increase their extraction rates. According to the blog post of August 1, users can choose to lock up to 200% of their migrated balance and receive improved rewards to do this. The post also explained the different ways to initiate locking via the PI application and the PI browser.
Dark perspectives unless the solid support returns
However, this decision did not do much to calm the storm, and the PI price continued its decline. The announcement of the advertisement can be defective, in particular given the untreated concerns concerning the delays in migration and the liquidity of the tokens. There is the inability to negotiate or use a large part of the supply in circulation, and now locking the tokens without future guaranteed liquidity is more like a sacrifice than a strategic decision.
At the same time, Liquidity is a major problem. There are limited negotiation options, because PI is only available on some centralized exchanges, but it is not listed on the main platforms like Binance or Coinbase. In addition, there are some mechanisms for the usefulness of the real world.
Now that Pi is negotiating about $ 0.35, the downward trend has officially entered a Uncharted territory. Unless a solid support area materializes quickly, Pi Network provides a major ecosystem catalyst or influx in market yields, the current collapse can extend more deep.
The locking initiative, which was intended to encourage the commitment and growth of the network, seems to have returned from a user base already struggling with doubts about the project. As such, the PI network faces increasing pressure to provide significant progress before the community’s confidence still crosses.
At the time of writing the editorial staff, PI is negotiated at $ 0.352, down 1.4% and 19.6% in the last 24 hours and seven days, respectively.
Adobe Stock star image, tradingView.com graphic
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