Pi (PI) is one of the few losers today during what is a positive session for cryptocurrencies.
The native asset of the Pi Network has gone down by 3% already in the past 24 hours while most altcoins like Ethereum (ETH) and Solana (SOL) have booked gains of 3.5% and 0.5% respectively.
A few days ago, the project made another controversial move to strengthen its KYC protocols as it will now request an e-mail address to activate the two-factor authentication (2FA) feature of its mobile application.
The developer claims that SMS authentication is no longer the most suitable method as Pi users are spread across the world, which makes it difficult to reach all of them considering the limitations that telecommunications have in certain countries.
However, the crypto community criticized the move as another unnecessary breach of users’ privacy in an industry where anonymity is highly valued.
Pi was already scrutinized for its unilateral decision to demand that Pi holders go through a strict KYC process to migrate their PI tokens to the public mainnet.
This, along with allegations from prominent figures from within the crypto industry who claim that Pi is a scam, has contributed to depressing its price to the point that it is currently trading 77% below its all-time high.
PI Rejects Move Above Key Fibonacci and Could Retest the $0.6800 Level Soon
Meanwhile, PI’s hourly chart from OKX shows how the token has been dropping non-stop to lower and lower levels and it is currently just 14.9% away from its all-time low of $0.6152 from February 20.
A closer look at the price action shows that PI found support temporarily at $0.6800 but momentum indicators are already stalling as this was only a short-lived bounce.
As the market has been in a good mood today, PI’s sellers may have taken a brief pause. However, the token needs to climb by 6.3% to take another chance to reverse its downtrend.
A Fibonacci retracement study shows that bears were targeted by a liquidity trap as the token surged above the 61.8% level but collapsed right after, meaning that the downtrend is still alive and kicking.
When a retracement like this occurs, the odds that the asset will make a lower low increase dramatically. In the case of PI, the next stop would be the $0.6800 level, which is the nearest area of support.
If that line fails to hold, nothing would prevent PI from collapsing to all-time lows.
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