Price volatility, no DApp, and no clear mainnet launch—Pi Network is struggling to maintain hope as pressure mounts from all sides. The recent price drop tells a difficult story, with prices hovering near the $0.50 mark.
This sudden drop has pushed the token close to its all-time low of $0.40, last seen just a week ago. The downtrend has caused concern among holders, but not all indicators are pointing down.
Pi Network price prediction: What's next?
Pi Network RSI, Relative Strength Index, is currently at 35, indicating that Pi Network is approaching oversold conditions. A similar scenario occurred in early April, just before this token recovered in the short term. If a similar pattern unfolds, Pi may be preparing for a rebound, especially if sentiment starts to shift more positively.
Momentum indicators show that bullish pressure is increasing
Technical indicators are beginning to show early signs of bullish potential. The momentum oscillator has flashed black dots on the chart, often signaling a consolidation phase before larger price movements. Additionally, the increasing number of green bars on the histogram indicates a rise in bullish momentum.
The combination of increasing pressure and enhanced momentum could drive a breakout if market conditions cooperate. Breaking free from the upward price pressure could help Pi Network reverse recent losses and rise higher in the coming days.
Pi Coin price: Key levels to watch for the next move
Currently, Pi is trading around $0.55, just shy of the major resistance level of $0.57. If it can reclaim this level as support, the next bullish target will be $0.61. A break above this level could potentially drive Pi up to $0.71, marking a meaningful recovery.
On the other hand, if the token cannot hold above the support level of $0.51, another price drop may occur. The possibility of falling to $0.45 or even retesting the low of $0.40 cannot be ruled out, especially if the overall market weakness continues.
With growth momentum and RSI nearing the oversold threshold, Pi Network may be on the verge of a shift. But the next few days will be crucial. Whether it rebounds or slips further depends on the ability to maintain key support and attract new buying interest.
Furthermore, on June 28, the Pi Network community will celebrate Pi2Day, where they will make important announcements from the core team. This could spark new excitement and buying interest.
Unlocking Pi tokens threatens the stability of Pi's price
Pi Network's price recovery is facing a significant barrier as 337 million Pi tokens, worth about $185 million, are set to be unlocked in the next 30 days, according to PiScan. This steady increase in supply adds significant selling pressure, especially as Pi has yet to be listed on major exchanges like Binance and Coinbase. With market sentiment still weak, the ongoing unlocks could drag prices even lower, which are already fragile.