Pi Network Token: More Losses Ahead or a Shocking Comeback on the Horizon?

Pi Network’s homegrown cryptocurrency, Pi Coin, is also struggling to retain its value at the moment. After plummeting sharply, the token has been hovering in the vicinity of $0.8, with investors increasingly worried about the upcoming token unlocks and lack of major exchange listings. Accordingly, market experts have different opinions about whether Pi Coin will further plummet or experience a possible reversal.

Pi Coin Plunges 30% in a Week

Previously regarded as a robust contender among leading altcoins, Pi Coin is currently finding it challenging to remain in the top 30 cryptocurrencies. In the last 24 hours, its price has declined to a record low of $0.77, reducing its market capitalization to around $5.6 billion. This represents a whopping 70% drop from its peak last month and a roughly 30% decline over a week.

Crypto analyst Bullstraders7 has cautioned that Pi Coin may drop further to $0.6, a key support level before a possible deeper correction. This prediction has fueled increasing uncertainty, especially among investors who were anticipating a bullish rally in the token’s price.

Upcoming Token Unlocks Pose Selling Pressure

Pi Coin’s difficulties are also compounded by the forthcoming entry of large volumes of tokens into circulation. PiScan statistics report that more than 105.96 million Pi Coins, equivalent to about $85 million in value, are to be unlocked within a 30-day time frame.

One of the most notable unlocks is on April 3, when 6.8 million tokens will come into the market in one day. Throughout the next year, 1.6 billion Pi Coins will be released. This increase in supply may put additional pressure on the token to sell, making it hard for the token to get back on the move.

No Binance Listing Adds to Investor Concerns

Yet another significant factor driving Pi Coin’s performance is that it has no listing on Binance, one of the biggest cryptocurrency exchanges in the world. Most Pi Coin holders had been anticipating an official listing following a community vote in February when 87.1% of participants supported the listing.

Despite the landslide popularity, Binance has not yet made any listing confirmation. That lack of confirmation has caused panic selling, taking the price lower as investors have lost confidence in Pi Coin’s market potential.

Potential Signs of Recovery?

Despite the overall bearish mood, some perceive a silver lining. Crypto trader Coinvo opines that the recent price decline may be a good buying opportunity for investors. He cited that the “Pi RSI divergence” is indicating a strong buy, and hence the token may be on the verge of a rebound. Moreover, he said that the current “Fibonacci zone” may serve as a supportive base for Pi Coin, which may push its price upward shortly.

Conclusion

Pi Coin is at a turning point, with both danger and possibility on the horizon. The next wave of token unlocks and the lack of prominent exchange listings pose serious threats, but technical analysis suggests that there may be a turnaround. Whether Pi Coin recovers or keeps falling is in doubt, and it is a pivotal time for investors to pay close attention to market trends.