Story Highlights

  • Pi Coin dropped 30% this week, struggling to stay within the top 30 cryptocurrencies.

  • Over 105.96 million Pi coins are set to be unlocked, which will increase selling pressure and market uncertainty.

  • Crypto analysts predict that Pi Coin could drop to $0.6, which is its last strong support level.

The native token of Pi Network has been struggling to maintain its level after a sharp drop to $0.8. With a large wave of token unlocks approaching and no signs of listings on major exchanges, uncertainty is increasing. Therefore, experts believe that the price of Pi Coin may further decline, while others see signs of a potential recovery.

Pi Coin fell 30% in a week

Pi Coin was once close to becoming one of the top ten altcoins, but is now struggling to maintain its position in the top 30. Its price has dropped to a new low of $0.77 in the past 24 hours, with a market cap of $5.6 billion. This means its value has fallen over 70% from last month's peak, dropping nearly 30% in just a week.

Therefore, cryptocurrency analyst bullstraders7 warns that Pi Coin could drop to $0.6, as this is the last major support level before further decline. This exacerbates uncertainty, especially as many investors hope for a strong price increase.

Token unlocks increase selling pressure

More worryingly, Pi Network is about to face another challenge: a massive wave of token unlocks. According to PiScan data, over 105.96 million Pi coins (worth approximately $85 million) will enter the market in the next 30 days.

However, the largest single-day unlock will occur on April 3, when 6.8 million tokens will be released. Over the next year, a total of 1.6 billion Pi coins will be unlocked, which could add more selling pressure to the market.

Concerns raised over not being listed on Binance

Another issue affecting market sentiment is the lack of a Binance listing. After a community vote in February showed a 87.1% approval rate, many Pi coin holders expected the token to be listed.

However, Binance has not yet confirmed any listing plans, leaving investors disappointed. This uncertainty has led to intensified panic selling, further dragging down prices.

A ray of hope for Pi Coin

Meanwhile, cryptocurrency trader Coinvo believes that the recent decline of Pi Coin could be the perfect entry point for investors. He points out that the 'Pi RSI divergence' is sending a strong buy signal, indicating a rebound may be imminent. He also mentioned that the current 'Fibonacci zone' could help propel Pi Coin to rise soon.

According to this analysis, the price of Pi Network may rise in the coming days, potentially reaching a new high of around $5.