As the summer begins, Pi Coin finds itself struggling under substantial market pressure. Once touching the $3 mark in February, its value now lingers at around $0.69, marking a staggering 75% decline over the past month. The downfall has been attributed to several factors, including high-volume coin unlock events and an increase in market entrants, which, along with diminishing technical indicators, have undermined investor confidence, making the ambition of reaching $1 increasingly unrealistic.
What Challenges Does Pi Coin Face?
Currently, Pi Coin is ensnared within a $0.688 to $0.816 range, as technical indicators display bearish signals with short-term moving averages looming over the price. Bollinger bands are constricting, and the MACD is entrenched in negative values, whereas the RSI stands neutral at 43. Nevertheless, trading volumes surged by 42% over the past day, hitting $158 million, indicating a flood of coins entering exchanges. The immediate downward support is positioned at $0.60, with further support at $0.50, whereas surpassing resistance between $0.75 and $0.78 is necessary for a potential upward move.
Can Unlock Schedules Escalate Selling Pressure?
The impending release of 263 million Pi coins in June, followed by significant amounts in July and August, foreshadows intensified selling pressure. This schedule is prompting miners, who are already inclined to sell due to sluggish demand, to act quickly. On-chain data reveals a prominent increase in Pi transfers from wallets to exchanges lately, heightening the probability of prices plunging to between $0.58 and $0.65, as a growing number of buyers anticipate lower rates.
CoinDCX predicts that Pi Coin could rebound to the $1 to $1.20 range if demand resurges, with a monthly forecast reaching $1.82 provided momentum remains strong. On the contrary, Dr. Altcoin highlights the potential threat of the price diving to $0.40 if transparency issues remain unresolved.
Investors are eager for the core team to deliver tangible progress updates. Until this happens, Pi Coin’s narrative is likely to stay tied to a feeble technical environment and the challenging dynamics resulting from coin unlocks.
- Pi Coin’s trading volume increased by 42% in 24 hours, reaching $158 million.
- June will see 263 million Pi coins unlocked, with more scheduled for subsequent months.
- Potential price scenarios include a dip to $0.40 or a rebound to $1.82, depending on market conditions.
Progress reports from the core team would greatly influence investor sentiment, yet until such updates are shared, Pi Coin remains vulnerable to prevailing market challenges and pressures arising from unlocking schedules.
