Pi Network was recently listed on the BTCC exchange, prompting discussions in the market about its potential impact on the cryptocurrency. Notably, due to the lack of any positive catalysts, the price of Pi has recently suffered a significant blow, dropping to a low of $0.68 in the past 24 hours. However, the latest market trends suggest that the cryptocurrency may rebound to $1.
Pi Network will be listed on the BTCC exchange.
The price of Pi Network recently experienced a significant listing, which sparked optimism among investors, as listings typically help drive up prices. The BTCC exchange stated in a recent announcement that it has added the cryptocurrency for spot trading.
Meanwhile, with the latest listing and other positive market trends, the price of Pi has risen over 1% today, trading at $0.7184. The cryptocurrency's 24-hour high and low prices reached $0.7535 and $0.6806, respectively. However, despite the recent uptick, the cryptocurrency has fallen by over 22% in the past seven days, with a monthly decline exceeding 60%.
This is why the price of Pi could rebound soon.
Since the launch of the autonomous network, the price of Pi Network has been a focus for investors. However, the massive token unlock in March was one of the main factors leading to the recent decline of the token. Additionally, the Pi Core team has not released any significant announcements, and Binance has not provided any listing updates, further dampening market sentiment.
However, the price of Pi is expected to recover in April as the token unlock amounts will hit a low point. According to PiScan data, the token unlock amount in April will reach its lowest level from April to August.
This month, only 124.32 million Pi tokens were unlocked. In contrast, the next few months will witness a surge in token unlocks, with 182.37 million unlocked in May, 222.68 million in June, 233.37 million in July, and 132.52 million in August.
Furthermore, approximately 1.5 million tokens will be unlocked daily from April 7 to April 11. That said, this low influx into the market could help the token recover strongly and potentially push its price above $1.
What will be the next step for the price of Pi Network?
As mentioned above, Pi Network is likely preparing for a strong recovery, with experts predicting a positive outlook for the future. However, given the current turbulent market situation, investors should conduct due diligence before placing bets. Additionally, Pi price predictions also suggest a bearish outlook, indicating that the cryptocurrency may drop to $0.64 in April.
However, despite this, market experts remain optimistic about the future trajectory of the token. For context, analyst Crypto Jex is bullish on Pi Coin, predicting that the price could soar to $1.
According to Jex, Pi Network is forming an ABC recovery pattern within a critical accumulation area. The entry zone is $0.64-$0.77, with a stop-loss at $0.60. Jex set targets at $0.95-$1.00, $1.30-$1.50, and above $1.80 (after trend confirmation). Jex believes that strong liquidation actions have led to accumulation, and with volume confirmation, this setup provides solid medium-term upside potential, making the $1 price point possible.
