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Pi Network (PI) Price: Community Discontent Grows as Token Hits New Low
The Pi network has been struggling to maintain its value in the market, and it appears that the situation is only getting worse. Recent updates from the PiFest have left the community feeling uninspired, with many members calling for a change in leadership. The constant decline in trading activity, which Dr. Altcoin, a prominent figure within the community, describes as “at its lowest,” has sparked widespread discontent.
The current sentiment among investors is overwhelmingly negative. Criticism of the project’s leadership, specifically the lack of transparency and failure to address pressing issues such as delayed mainnet launch and exchange listings, has become rampant. The call for new leadership with a deeper understanding of cryptocurrency markets and community management continues to grow in intensity.
Furthermore, recent developments have led to concerns about mining incentives being reduced by 1.18% to 0.0029030 π per hour. This change, while part of the project’s long-term strategy, has fueled fears among miners that without major exchange listings, mining interest will continue to dwindle.
The technical analysis is not encouraging either. A falling wedge pattern appears on the price chart, with critical support at $0.60. If this level is breached, it could lead to further market downturns. However, if Pi Network can somehow regain momentum and break above the $0.71-$0.72 resistance range with high volume backing, there may be a chance for recovery.
Despite these challenges, some experts believe that Pi crypto still holds potential. If the project manages to secure listings on prominent exchanges like Binance or Coinbase and enhances transparency, forecasts suggest it could potentially reach new highs in the future.
The immediate outlook for Pi Network hangs in the balance as it tries to maintain its current support at $0.60 and address the concerns surrounding leadership and communication.
Source: https://coincentral.com/pi-network-pi-price-community-discontent-grows-as-token-hits-new-low/
