The current price of Pi Network is in a correction phase, awaiting a new turning point
In the context of weakening momentum and increasingly clear bearish signals, the price of Pi Network around 0.60 USD is still being controlled by negative forces. Trading volume of tokens has sharply decreased, while outflows from exchanges have increased, raising analysts' concerns about a deep drop coming soon—possibly returning to the 0.40 USD level. However, events like Pi2Day and the potential for listing on major exchanges could bring positive signals, starting a new growth phase for this cryptocurrency.
The price of Pi Network rebounded after a surge of 2951%
On the official launch day, Pi reached a closing price of 0.8705 USD, recording an increase of 2951.40% in just the first six days. However, since February 27, the upward momentum has noticeably begun to slow down.
From February 27 to April 4, Pi fell 81.43%
From May 7 to 13, it rebounded with an increase of 112.96%
However, on May 14, strong selling pressure returned, with a decline lasting from May 14 to 17, dropping another 43.63%
Since mid-May, the price of Pi has stabilized and at times dropped to 0.40 USD. In the past 7 days, the price has decreased a total of 11.6%, with a 6.2% drop in the last 24 hours alone. Analysts warn that if the downward trend continues, Pi could lose an additional 35%, reaching the old bottom of 0.40 USD in the near future.
Declining volume and outflow from exchanges predict a downward trend
The latest data shows:
Pi trading volume decreased by 44% in the last 24 hours
6.11 million tokens were sent to exchanges
3.8 million tokens have been withdrawn from the exchange
Net flow: 2.27 million tokens, indicating significant selling pressure
The sudden increase in token deposits to exchanges could be a sign that investors are preparing to take profits, anticipating a downward trend in the near future, which would be unfavorable for buyers.
Technical analysis: Will the downward trend bounce back?
Key indicators are all showing negative signals:
Bollinger Bands: The Bollinger Bands are narrowing, signaling that a breakout is imminent. Currently, Pi is closing below the lower band ($0.5669), which is a signal that a downward breakout may occur if it continues to maintain below this level.
ATR (Average True Range): Decreased from 0.1771 (May 16) to 0.0612, reflecting low volatility and accumulating pressure for a significant move ahead.
At the same time, Pi is trading below the 50-day moving average at 0.7074 USD, indicating weak price momentum. These factors suggest a high possibility of a strong downward breakout occurring, unless positive factors support an upward breakthrough.
Important price targets to watch
Main support: 0.40 USD, the week's low
Resistance: 0.8031 USD, the peak in May
Psychological level: 1.00 USD
If Pi drops below 0.5669 USD, short-term investors may expect support at 0.40 USD, while regaining the 0.80 USD mark may signal a recovery if successful.
Potential positive factors like Pi2Day and exchange listings
Although negative signals dominate, anticipated events may boost positive sentiment:
Exchange listing: Rumors about Pi potentially being listed on Binance exchange could create a buying shock, driving the price up.
Pi2Day – June 28: The community celebration event for Pi Network, during which developers often make important announcements, could trigger new capital inflows into the market.
Conclusion: Prepare for a wave of significant volatility
The price of Pi Network is on a trajectory of limited volatility, signaling a strong breakout or deep drop ahead. If the negative trend persists, costs could fall to 0.40 USD. Conversely, positive news like listings and major events could facilitate a promising recovery. Investors need to be cautious of new fluctuations in this cryptocurrency market.
Source: https://tintucbitcoin.com/pi-network-sap-giam-gia-nha-giao-dich-ban-6-trieu-pi/
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