The cryptocurrency market is showing strong momentum, with Bitcoin (BTC) stabilizing above $86,000 and Ethereum (ETH) breaking the $2,000 mark. However, altcoins are performing inconsistently, and the Pi Network's ($PI) token is currently trading at $0.92, down 5% from the previous day. The token briefly touched the $1 mark yesterday before stabilizing after dipping to a low of $0.9174.
Pi Network faces bearish pressure during token unlock period
The predicament of Pi Network stems from growing concerns about the upcoming token unlock. Despite the significant potential of Pi tokens, it faces substantial bearish pressure as the market awaits news regarding a potential listing. One of the key factors affecting market sentiment is that Binance has yet to confirm the listing of Pi, which has dampened investor enthusiasm. Additionally, the Pi Core team has remained silent on major updates, further undermining market confidence.
Price Prediction: Could PI drop to $0.71 in April?
A recent price prediction indicates that, given the current market conditions, Pi could fall to a low of $0.71 in April. This price decline appears to be caused by multiple factors, including a lack of positive catalysts and broader market concerns.
Reversal Signs: Can PI break through resistance?
However, there are signs that a reversal may occur. Technical indicators (such as the DMI chart) show increased buying pressure, while other indicators from coytx suggest a shift toward a bullish trend. If this momentum continues, Pi could break through the key resistance level of $1.10, paving the way for a potential move toward $1.30. On the other hand, if the market faces a correction, the token may find support around $0.80 before attempting to rise again.
