Pi Coin's price and trading activity have decreased in the days following 'Pi Day', an event where the core team announced several ecosystem updates.
According to CoinMarketCap, Pi's 8-day trading volume has dropped below $100 million — with only $46 million exchanged on Sunday alone.
The continuous decline in this interest indicates that momentum is weakening, supporting the prediction of a decrease in Pi Coin's price in the near future.
The daily unlocking of Pi tokens will remain quite high until July 10, meaning selling pressure may accelerate this week until the supply increase rate slows down.
On this day, 14.6 million tokens will be released into the market. One day later, that number will drop to 10.6 million and gradually decrease to just 4 million by August 4. This reduced selling pressure may help mitigate the impact of subsequent price drops.
Pi Coin Price Prediction: Pi Breaks Important Support Level and May Retest All-Time Low
The 4-hour chart of Pi shows a bearish breakout from the important support level of $0.475, potentially predicting the upcoming retest of this token at its all-time low of $0.40.
On Pi Day, the core team launched a controversial non-reward staking program, through which users can evaluate their favorite Pi ecosystem applications without receiving any benefits for doing so.
This is perhaps an unprecedented proposal in the cryptocurrency ecosystem, as the staking mechanism always provides rewards for investors in exchange for helping secure the network or reducing the circulating supply of a token.
Looking at the technical indicators, the Relative Strength Index (RSI) remains below 50 and is trending down after a retest and rejection of the move above $0.475. This unsuccessful retest supports the prediction of a decrease in Pi Coin's price and increases the likelihood of moving down to $0.40.