#Pi

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𝙄𝙨 𝙖 𝙋𝙞 𝙉𝙚𝙩𝙬𝙤𝙧𝙠 𝘾𝙧𝙖𝙨𝙝 𝘼𝙝𝙚𝙖𝙙 𝘼𝙨 272𝙈 𝘾𝙤𝙞𝙣𝙨 𝙐𝙣𝙡𝙤𝙘𝙠 𝙞𝙣 𝙅𝙪𝙡𝙮

Pi Coin price is on the brink of a major bearish breakdown if it loses a crucial support level. A potential catalyst for this Pi Network crash will be this month’s token unlock, which is its biggest one until 2027. The Pi Network value trades at $0.4565 today, July 7, down by 72% from its highest level in May and much lower than its all-time high.

Pi Coin price faces a major risk this month that could push it much lower in the coming months. Data shows that the amount of tokens in circulation will increase significantly this month as the network unlocks over 272 million tokens currently worth over $106 million.

This token unlock occurs when the Pi Foundation releases tokens to the market, thereby increasing the number in circulation. These unlocks increase the circulating supply, which can negatively impact the price, particularly when demand is limited.

This month’s token unlock is notable because it will be the highest one until December 2027, when over 432 million tokens will be unlocked. Following this unlock, monthly releases will occur over the next three consecutive months, after which they will resume in December, when over 472 million tokens will be released.

The daily timeframe chart shows that the Pi Coin price has remained under pressure in the past two months as buyers have remained in the sidelines. On the positive side, there are signs that it has formed a double-bottom pattern at $0.40 and a neckline at $1.6466. This pattern points to a potential rebound as long as it is above the double-bottom level.

However, Pi Network remains below the short and medium-term moving averages, which are providing substantial resistance. Therefore, a drop below the double-bottom pattern at $0.40 will point to more downside, potentially to the all-time low of $0.0062, down by over 90% from the current level.