Pi Network price has the potential to rally towards all-time highs if it can hold support at $0.60. Moreover, despite a rather disappointing “launch” that saw Pi Coin drop by more than 60% in one day, the project’s founder has asserted that the token is not a “scam” and quashed FUD surrounding the project.
Pi Coin trades at $0.663 today after retreating from a daily high of $0.996. After a heightened period of volatility, PI Coin seems to be stabilizing between the $0.64 and the $0.66 range.
Pi Network Founder Quashes FUD: Can Price Reach ATH?
In a recent YouTube video, Pi Network’s founder, Chengdiao Fan, defended the network, saying that, unlike new blockchain projects, Pi Coin never made an Initial Coin Offering (ICO). Instead, the project made sure the tokens were free and accessible to everyone.
Fan added that unlike meme coins, which lacked strong fundamentals, Pi Network had built a solid infrastructure and ecosystem to ensure Pi Coin has utility.
“Don’t let the noise distract you, focus on what matters, and what makes a difference in the crypto space,” she stated.
Her remarks come after several pioneers expressed their “disappointment” in the recent launch. Dr Picoin opined that considering the launch price of below $2 and the subsequent drop, the project should have been released three years ago.
“Yesterday was shockingly disappointing!… I am requesting the Core Team to return to the drawing board and assess the potential repercussions of having very disappointed pioneers,” the pioneer noted.
Bybit CEO Ben Zhou has also labeled the project a “scam” and added that the exchange will not allow its users to buy Pi Coin on the platform.
Given these headwinds, Pi Coin’s short-term outlook seems bearish. However, if Pi Network price can overcome these challenges and regain community support, how high can it rally, and could it reach an ATH?
Pi Network Token Analysis – Is a $3.4 ATH in Sight?
Pi Coin seems to be cooling off after a period of intense price volatility. The token has formed support at $0.60, and if it can successfully defend this level, it could prevent further drops.
If buyers make a comeback, the Pi Network token faces resistance at $0.82. A recovery past $1 will also spark an extended rally towards an all-time high level of $3.4.
PI/USDT Chart
Besides needing buying support, Pi Network needs to announce strategic partnerships that highlight Open Network’s use case. Strong fundamentals tend to bode well for new tokens and could dispel concerns about the project being a scam.
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