Pi’s market cap currently sits at $7.93 billion, making it the 15th largest cryptocurrency by value (CoinMarketCap). Yet, Pi has faced a continuous downtrend since hitting its all-time high of $2.98 in late February. Its price has continuously fallen from that peak, and Pi is now testing a support level at $1.16. If it breaks below this level, there may be little support to prevent further declines.
Alternatively, a rebound could signal a bullish turn for the coin, potentially forming a double-bottom technical setup. The price is expected to hover between $1.10 and $1.20, with resistance around $1.20 to $1.25. However, if the price dips below $1.08, it may further drop to $1.05.
Amid the price decline, Pi Network has released a new tool called Pi Domains, offering the potential to create decentralized websites using Pi tokens. However, despite the excitement surrounding the launch, the Pi token has seen a drop of 15% in the last 24 hours, hitting a low at $1.08 per token. The Pi Network’s new domain feature allows users to buy domains only with Pi tokens, and these domains will be registered on the Pi blockchain. Additionally, e-commerce transactions conducted on Pi domains will also use Pi as the payment method.
The introduction of Pi Domains aims to give Pi token more utility, enhancing its value proposition. However, it remains to be seen whether this launch can reverse the token’s recent decline and spark a broader rally for Pi Network. Despite the setback in value, Pi Network has experienced a surge in trading volume, which increased by 63% in the past 24 hours.
As the Pi Network attempts to establish its place in the cryptocurrency world, the question remains: Will Pi Domains prove to be the key to unlocking a breakout for Pi coins, or will the token continue to struggle in a volatile market?
