- Pi Network trades at $0.3447, down from its March peak of nearly $3.00.
- A bearish descending triangle signals possible drop to $0.20 if support fails.
- Pi added to Onramp Money, enabling purchases in 60+ countries with local payment methods.
Pi Network has fallen significantly since reaching almost $3.00 in March and is currently trading around $0.3447. The price is clinging to a major support area that has not been breached since early August. The market momentum is poor, and the decreasing volume with steady higher highs. Simultaneously, the token is being formed by the ecosystem processes of access to global payments and a lower mining rate in a silent but volatile market.
Pi Network Price Holds Key Support as Ecosystem Grows Amid Weak Market Momentum
Pi Network is trading at about $0.3447 following a steep decline in March compared to about $3.00.The price is holding just above a key support zone between $0.30 and $0.34, which has acted as a floor since early August.
But the chart still indicates the definite down trend. Smaller highs and smaller lows are still being created and the price action is poor. Many daily candles have small bodies, signaling low momentum and indecision. There is also a possibility of a downward moving triangle formation that is usually an indicator of further depreciation. In case of a broken support zone, the next target could be approximately at $0.20.
There is a steady decrease in trading volume illustrated by the lack of market activity. Early buying might be indicated with a few small spikes in volume in late August, but no evidence has been observed as of now.
Meanwhile, Pi Network keeps developing its ecosystem. Recently, it became a Gold Sponsor of Token2049 in Singapore, a worldwide Web3 event that is likely to host more than 25,000 people in October.
The token was also listed on Onramp Money, which allows users in over 60 countries to buy Pi using local payment platforms like GCash, Maya, and Alipay. This may improve global access to the token.
In September, Pi Network reduced its mining rate by 1.23%. Now, mining a single Pi without bonuses takes over 15 days. This action reduces the rate at which new tokens come into circulation.
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