Pi Coin Price Drops: What’s Happening?
Pi Coin, a decentralized cryptocurrency with increasing attention from traders, has recently seen its value slump. Following a 5.44% decline in the last 24 hours, bringing its price to $0.3635, the token is facing a week-long drop of 10.68%.
The 24-hour trading volume soared by 121% to reach $59.6 million, signaling heightened selling activity. Despite short-term attempts to stabilize on the hourly chart, the coin’s struggle to maintain critical resistance levels is evident. Its all-time low of $0.335, breached just 12 days ago, is once again in jeopardy.
What’s Driving the Sell Pressure?
The primary factor behind Pi’s price stagnation is the scheduled release of 167 million Pi tokens over the next 30 days, with 9.8 million already released as of August 16. Historically, token unlock events lead to increased supply, which often results in sell-offs, especially in low-liquidity markets. At current prices, August’s unlock volume of $6.1 million raises concerns about price dips.
Adding to the bearish sentiment, centralized exchanges (CEXs) like Bitget already hold 411 million Pi tokens, roughly 5% of the total supply. Bitget alone handles 141 million tokens, bringing worries over concentrated sell pressure. Additionally, community criticism around delayed KYC processes and referral bonuses is eroding trust.
Technical Analysis: Key Resistance and Support Levels
Pi coin is currently trading in a narrow range of $0.3576 to $0.3895, below its 7-day SMA of $0.389 and 30-day SMA of $0.406. The Relative Strength Index (RSI) of 43.55 signals a neutral-to-bearish trend. The MACD histogram also turned negative at -0.0047, indicating fading bullish momentum.
From a technical standpoint, Pi’s inability to hold the 23.6% Fibonacci retracement at $0.475 reflects weak buyer conviction. Unless prices break above $0.38, a slide back toward the all-time low of $0.335 remains a possibility.
Is There Hope for a Rebound?
For long-term believers in the project, recent dips may present an opportunity for accumulation. Innovations like Bitget’s “Pi Pioneers” referral campaign, which offers up to $150 in Pi rewards, aim to boost interest among traders.
Pi Network’s future depends heavily on fulfilling its migration roadmap and achieving widespread adoption. For now, cautious optimism and risk management should be the strategy for potential investors.
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