Pi Network launches .PI domain - Is this the key to Pi Coin's breakthrough?

Pi has fallen 17% in the past 24 hours and is currently at $1.12 per token after the project launched a new tool called Pi domains. In a lengthy blog post, the development team explained that .pi domains were created to leverage the popularity of the Pi Network and integrate blockchain technology into traditional websites.

These domains will be auctioned to potential buyers and can only be purchased using PI token. The ownership of these domain names will be registered on the Pi blockchain, and any purchases made in e-commerce stores built on the Pi domain can be paid for using Pi as the payment method. The launch of the Pi domain provides the PI token with an additional use case and reinforces its value. PI found support at $1.05 – Can it recover? The trading volume of PI has surged by 63% in the past 24 hours while the token price is currently falling by 62.7% compared to the all-time high of $2.98 on February 26. PI has quickly climbed to the top position in the cryptocurrency rankings and is currently the 11th most valuable cryptocurrency with a market capitalization of 7.76 billion dollars, according to data from CoinCodex. The PI has experienced a sharp decrease since February 26, when the first deadline to move tokens to the mainnet ended. The price has created multiple lower highs consecutively on its way down and most recently has become a resistance level at 2 dollars, 1.8 dollars, and 1.5 dollars.

However, the fall seems to have accelerated on Monday night as the PI token dropped from $1.35 to $1.20 in just a few hours. At the time of writing, PI has found a support level of $1.05 on the hourly chart. However, momentum indicators show that negative momentum is once again accelerating. The relative strength index (RSI) briefly bounced off the oversold level but has not yet been able to create a decisive crossover above the signal line while the MACD continues to record a high negative value. Moving forward, if the price breaks below the $1.05 level, PI has no other support to mitigate the decline. Meanwhile, if the price bounces back in the next few hours, this will be a bullish signal as a double bottom technical setup will be formed.