Pi Network On the Edge — New Token Unlock Could Trigger All-Time Low
At risk of falling below $0.40, near to its all-time low, Pi Network faces rising overhead pressure.
The circulating supply will rise 2.1% in August when 160 million PI tokens are released.
The delayed Pi Network on-ramp service, which lets consumers purchase PI directly, hurts the pricing.
After reaching $0.4364 earlier in the day, Pi Network (PI) falls below $0.4200 on Thursday. The technical picture is gloomy ahead of the 160 million token unlock in August and Onramp Money's delay in PI integration. PI has been down since mid-May.
Monthly August token unlock may boost selling pressure
PiScan data shows 161.6 million PI tokens will be released in August, boosting the circulating supply by 2.09%. This monthly unlock is the greatest until December, when 170.5 million PI tokens will circulate.
Sidelined investors anticipating a PI turnaround should be cautious since unlock events enhance selling pressure, enabling investors to book gains.
Onramp Money slows PI integration.
Onramp Money said Tuesday that PI integration is ongoing. In the second or third week of August, the on-ramping business will commence PI token sales for fiat currencies.
The business advises against Onramp Money purchases until the social media launch announcement. The Pi Network app shows Banxa and TransFi on-ramp options as of Thursday, although the company has not announced it.
Below its $0.4000 support level, PI faces additional losses.
Pi Network is down 17% in July. As of writing, PI is approaching its all-time low of $0.4000 from June 13.
A significant drop below $0.4000 might reach the S1 pivot level at $0.3837 and the S2 level at $0.2585.
Looking up, PI should recoup $0.5000 to reverse the downturn.