Pi Coin: The Rollercoaster of the Market
Pi Coin has recently experienced significant volatility. It peaked at 1.70 USD on May 13, then dropped over 50% in just two days. Currently, Pi Coin is attempting to maintain above 0.81 USD, but the recovery forecast is challenging due to multiple resistance points ahead along with the impacts from Token unlocking and unmet expectations. The market value of Pi Coin has fallen from 9 billion USD to 6 billion USD, dropping from the top 20 to the 29th position in the cryptocurrency rankings.
The Future of Pi Coin
Although Pi Coin has just announced a 100 million USD fund to support application development, the short-term market remains uncertain. Many experts believe that without strong news, Pi will struggle to return to 1.50 or 1.70 USD anytime soon. If this project succeeds in attracting application development and gets listed on Binance or Coinbase, Pi could return to the 1.50 USD mark by the end of the month, or even reach 2.50 USD by the fourth quarter of 2025.
Technical Analysis and Risks
Trading View data shows that the technical indicators of Pi Coin are largely neutral, with no strong momentum in either direction. The RSI is at 53.55, indicating that it is neither in an overbought nor oversold condition. The MACD is slightly optimistic with a "Buy" signal, indicating the potential for upward momentum to begin.
Token Unlocking Issues
Investors are concerned about the large amount of Pi Token set to be unlocked in the coming days. Data from Piscan indicates that approximately 14.6 million Pi Tokens will be unlocked today, which may lead to increased selling pressure in the market. In total, around 272.9 million Pi Tokens worth 234.6 million USD will be unlocked in the next 30 days. On average, 9.1 million Tokens will be released daily. The largest day expected is May 28 with 15.1 million Tokens, which may lead to deeper price declines.
Towards Decentralization
The Pi Network has taken a significant step towards complete decentralization by permanently shutting down the central coordinating node. This is an important step to eliminate centralized control, allowing the network to operate more transparently and collaboratively. This may increase the demand for Pi Coin over time. The impact may occur gradually, as prices still depend on other factors such as market conditions, acceptance, and practical applications on the network.
Source: https://tintucbitcoin.com/pi-coin-co-the-dat-250-usd-trong-vai-thang-toi/
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