Cryptocurrency price prediction for Pi Network: The next steps

The current situation of Pi Network

The price flow of Pi Network is experiencing strong fluctuations, with no new DApps events or clear mainnet launches. The increasing pressure is causing investor sentiment to become anxious. Recently, the price of Pi Network dropped sharply, fluctuating around $0.50 – a low almost equal to the lowest bottom from last week. This sudden price drop brings the Token closer to the historical bottom of $0.40. Even though the downward trend seems to be dominating, technical indicators still show many positive signals.

RSI indicator and retreat signals

The RSI of Pi Network is currently at 35, indicating that the market is approaching the oversold region. This was previously a signal for a short-term recovery in early April when the price subsequently surged. If this trend repeats, Pi may be preparing for a rebound, especially as market sentiment begins to shift more positively.

Momentum indicators and upcoming resilience

Technical indicators are beginning to show signs of a potential price increase. The appearance of black dots on the momentum indicator signals a moment of accumulation before a larger breakout. Additionally, the blue bands on the histogram chart are becoming thicker, indicating that bullish strength is gradually forming. These factors could drive Pi Network past current resistance levels, opening up a positive trajectory in the near future.

Important price levels of Pi Coin to watch for the next move

Resistance that needs to be overcome

Currently, Pi is trading around $0.55, close to the main resistance level at $0.57. Maintaining this level as support will open a price corridor to move towards $0.61. In fact, the long-term target could be $0.71, reflecting the significant recovery potential of this Token.

Risk of failure and support levels

Conversely, if Pi cannot maintain the support level of $0.51, the possibility of a deeper drop remains. A drop to $0.45 or even down to the low of $0.40 in the context of a weak overall market is very likely. Nevertheless, with positive momentum and RSI nearing the oversold zone, Pi Network still has the potential to break through in the near future. The success of maintaining key support levels and attracting new buying interest will determine the short-term direction for this Token.

Events that strongly influence sentiment

On June 28, the Pi Network community will hold Pi2Day – a large celebration with special announcements from the development team. This could be an opportunity to create a new wave of excitement, attracting buying power and significantly increasing the price of the Token in the near future.

Risks from unlocking a large amount of coins

The danger of unlocking Tokens

The price of Pi Network may face a major challenge as 337 million Pi Tokens, worth about $185 million, are expected to be unlocked in the next 30 days, according to data from PiScan. This increase in supply puts significant selling pressure, especially when Pi has not yet been listed on major exchanges like Binance or Coinbase. The market is weak, and these unlocking events may prolong the already weak price drops of Pi Network, extending the downward trend.

The cryptocurrency market is continuously changing, and closely monitoring these key milestones will determine the ability to maintain the value of Pi Network in the future.

Source: https://tintucbitcoin.com/gia-pi-network-cham-muc-thap-ky-luc/

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