Pi Network’s price has dropped by more than 3%, falling below the $0.8 mark, and experts predict the cryptocurrency could dip further, potentially reaching as low as $0.6 before experiencing a strong breakout. The decline in price has sparked concerns across the community, with key factors—including significant token unlocks and a lack of major exchange listings—contributing to the bearish sentiment.
Pi Network Price: A Further Decline Expected
Today, Pi Network’s price stood at approximately $0.79, with a 24-hour trading volume of $327 million, reflecting a 33% increase. The price touched a 24-hour low of $0.77, signaling growing uncertainty in the market. Experts suggest that the upcoming token unlocks could lead to further price drops.
A total of 105.96 million Pi coins, valued at roughly $85 million, are set to be unlocked in the next 30 days. With an average of 3.5 million coins being unlocked daily, this influx could strain investor confidence. Moreover, the Pi Core Team’s lack of clarity regarding future developments and the absence of Pi listings on major exchanges like Binance have added to the negative sentiment.
Unlocks and Market Uncertainty
The unlocking of approximately 1.6 billion Pi coins over the next 12 months, averaging 129 million per month, raises concerns about the impact on the token’s value. Market experts have called for measures, such as burning mechanisms or other smart contract features, to reduce circulating supply and potentially stabilize the price.
Despite these challenges, analysts remain cautiously optimistic. Bullstraders7, a prominent analyst on TradingView, has forecasted a possible dip to $0.61 or even $0.6. While this short-term bearish outlook dampens market sentiment, other experts like Coinvo view the price drop as a buying opportunity, citing “RSI divergence” and the potential for a rally driven by the current Fibonacci zone.
Looking Ahead: A Potential Breakout or Further Slippage?
While the risk of a price drop to $0.54 by next month remains on the table, some experts believe the recent dip could lay the groundwork for a future price rally. With investor sentiment fluctuating, caution is advised for those looking to enter the market. A robust breakout could be on the horizon if Pi Network successfully navigates the challenges ahead.
Related topics:
Analysts Predict XRP to Break Out to $4.20: How High Can It Go?
XRP Price Surge: Can It Reach $4.20? Analysts Predict a Major Breakout
