The Pi Network coin (PI) has performed poorly over the past month, with a loss of 32.4% after falling below the important support level of $0.60.

The community has been disappointed as the Pi Core team has not provided updates and there have been no further initiatives to develop the ecosystem since the public mainnet launch.

Even the most ardent supporters emphasize that Pi could continue to drop to $0.40 unless the development team makes some positive announcements at the highly anticipated event called Pi Day or 'Tau Day' scheduled for June 28.

In this event, the team can reveal their latest efforts to further expand the Pi Network ecosystem.

Data from PiScan shows that 263 million Pi tokens worth approximately $143 million will be unlocked this month. This is the highest monthly volume to be added to the supply of Pi until September 2027 when another 310 million tokens will be released.

In addition to the bearish trend due to rising tensions in the Middle East, this could also be one of the reasons why Pi has recently dropped sharply. Despite this recent weakness, the community still believes that some announcements on Pi Day could boost the price forecast for Pi.

Pi Coin Price Prediction: Pi Could Rise to $0.60 If This Happens

Pi has reached a significant resistance level in the past few hours at approximately $0.55. This is the most important resistance level to watch for this token because if it surpasses this level, it will confirm the upcoming increase to $0.57 in the near future.

The 9-period Exponential Moving Average (EMA) has risen above the 21-period Exponential Moving Average. This is a buy signal known as a 'golden cross' that confirms a change in momentum and the direction of the price trend.

Next, the $0.57 level will be the main resistance that the bulls need to overcome, and this is the confluence area where the 200-period EMA also lies. If Pi surpasses this level, it will support the prediction of Pi Coin's price rising, seeing this token increase to $0.60.

Meanwhile, any major announcement on Pi Day could drive the token price up to at least $1 per coin as the community will expect a significant move if the team shares some exciting news.