As important market indicators turn bearish and large-scale token unlocks are imminent, Pi Network is under pressure again. In the past 24 hours, the token has dropped over 3%, trading at $0.5605, with technical charts showing a neutral to bearish trend.
Bearish trend continues
RSI and stochastic indicators remain neutral and show no strong momentum. Despite appearing under pressure, there are signs that it may be attempting to hold its ground.
Since May 21, Pi has been stuck in a bearish trap. This pattern is characterized by lower highs, indicating that sellers dominate the market while buyers struggle to counterattack. If the bearish trend continues, Pi may retest its historical low of $0.40, or even drop further. However, if buying interest rebounds, it could bounce back to the $0.65 level.
Pi may soon drop to $0.40! Doubts arise -- Public Account: Feng Baobao is roasting sweet potatoes
Yesterday, on June 17, the token dropped by 11%, reaching a low of $0.5311. This decline began after the team announced that the .pi domain auction would be separated from the main mining function and moved to a separate section, failing to spark user purchase enthusiasm. Over the past two days, Pi’s price has fallen from $0.6345 to around $0.5450.
Dr. Altcoin warns that if there are no significant updates by June 28, the price of Pi could drop to $0.40. Additionally, the largest annual token unlocks are expected in June and July 2025, which could impact the price. According to data from Piscan.io, 164.49 million PI will be released in June, and 249.05 million will be released in July, far exceeding the average monthly release of 136.61 million.
The altcoin season is key to Pi's next breakout
Another analyst stated that the rise in Pi’s price depends on the overall trend of the cryptocurrency market. For altcoins like Pi to rise, Bitcoin must first break through its historical high, followed by Ethereum gaining strength, which could trigger a peak season for altcoins. Until then, they may continue to consolidate sideways.