The recent token unlock by Pi Network has once again triggered selling pressure on the price of Pi Coin, while analysts still hope for a price increase to $2.
The native cryptocurrency of Pi Network, Pi Coin, is facing strong selling pressure again after being rejected at the $1 price. The price of Pi Coin dropped by 5% in the past 24 hours, currently trading at $0.923, with daily trading volume plummeting by 30.56% to below $200 million. The unlocking of PI tokens and transfers to centralized exchanges (CEX) have led to the current selling pressure.
Increase in the supply of the native cryptocurrency on the Pi Network exchange.
In the past seven days, the Pi Network's native cryptocurrency, Pi Coin, has repeatedly failed to break through the $0.120 level, leading to a 22% pullback. This has also caused the cryptocurrency to drop from 11th to 23rd place, with a market cap shrinkage of over $13 billion in the past month.
Pi failed to hold the $1 mark.
Due to a surge in PI deposits on exchanges in recent days, the price of Pi Coin has failed to recover to $1. This selling pressure comes with nearly 8 million PI tokens transferred to centralized exchanges (CEX). According to market analysts, the PiCore team (PCT) must take urgent action to stabilize the value of the token. One proposed solution is to destroy 60 million to 100 million tokens from circulation in the coming days to prevent further price depreciation.
On the other hand, the total number of PiCoins held on CEX has surged to over 338 million. This has further raised concerns about intensified sell-offs and price fluctuations for the Pi Network.
Where will the next step for Pi Coin lead?
The TradingView chart recently released by Coinvo reveals a complex trading pattern for the PI/USDT trading pair on Bitget, highlighting a potential 'triple zigzag' formation that suggests a market trend reversal may occur.
This 8-hour chart shows Elliott Wave analysis. Combined with the 'triple sawtooth' chart, it specifically displays a series of corrective waves (marked A, B, C), with recent waves indicating potential upward momentum.
Coinvo points out that as the price of Pi Coin in the Pi Network hovers around $0.9512, there may be a price increase in the coming weeks. Another market analyst, TraderFy, boldly predicts a significant breakthrough for $PI. 'The $PI explosion is imminent! A massive descending wedge breakout is inevitable,' he wrote, sharing recent price targets of $2.00529 and $2.38466.