Title: PI Network (PI) coin price drops further

The price of PI coins continued to fall on Monday, falling 8.2% at press time to $0.565. The currency failed to fulfill its speculative expectations in the cryptocurrency market, down 27% last week and up 68% last month. Nevertheless, its price has risen 464% just two months since its first launch on the exchange.

PI Network (PI) coins have one of the largest communities in the cryptocurrency space, and despite the multiple delays from the main network, most PI currency holders have held it for years.

This positive sentiment provides support for PI coins and may help it stay stable at the $0.5 mark. Furthermore, many investors remain optimistic about the potential of the PI Network ecosystem to disrupt the crypto market, thanks to the attractive design and functionality of its applications.

However, two key factors have caused the PI currency to be questioned and criticized. First of all, the adoption of PI coins by more than 27,000 merchants has not had a significant impact. Secondly, after OKX's highly-watched launch, the core PI team failed to attract more first-tier exchanges to launch the currency, including Binance, which seems to have ignored 86% of the votes that support the launch of PI coins in its community vote.

In addition, Bybit made it clear that it would not launch PI coins, and its CEO even criticized the project as a "scam". These factors have led to the spread of bearish sentiment, limiting the currency's upward potential.

PI Coin Price Forecast

The PI coin hub price is $0.608, and this price resistance is favorable to the seller. The decline may set the first support level at $0.562. Stronger selling pressure will break through that level and set the next support at $0.527.

On the contrary, breaking through $0.608 will reverse the upward momentum. Under the buyer's leadership, upward momentum may push the first resistance level to $0.641. If the price fails to fall below this level, the bearish argument will fail. In addition, continued pressure from sellers may further test the $0.680 price point.

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