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The global cryptocurrency market cap stands at $3.07 trillion, down 1% over the past 24 hours. Bitcoin (BTC) is holding steady near $94,880, while altcoins like LTC, XRP, AVAX, and LINK have recorded losses.
As for Pi Coin, the altcoin has struggled since peaking near $3 in February, with its price action remaining largely bearish. Pi Coin has recorded a 12% monthly decline despite a few short-lived rebounds.
Will Pi Coin Price Rise in May?
However, as May approaches, there are signs that Pi Coin could be gearing up for a recovery. Pi is currently trading at $0.6249, showing a 7% rise, and with a market cap now over $4 billion.
While the broader crypto market sentiment shows improvement, Pi’s rise is still being limited by the absence of key catalysts, such as major exchange listings or significant mainnet upgrades. evel.
On the technical front, the RSI has steadily improved from its April lows, showing growing accumulation, although at a slower pace. Overall, traders appear cautiously optimistic about Pi Coin’s future, given its historic volatility and the relatively low liquidity on exchanges. Additionally, 7.8 million Pi tokens are set to be unlocked today, which could impact the price.
Is $1.70 Incoming?
Despite all these challenges, analysts like Dr. Altcoin believe that Pi Coin’s price could rise to $1.70 by mid-May. The expected price increase is based on upcoming events, particularly the Consensus Summit scheduled for May 14–16, where Dr. Nicholas Kokkalis, the founder of Pi Network, is expected to give a speech.
Analyst Andrew Griffiths shared that Pi Coin is currently stuck between the bulls and bears around the 0.6 level. If the trend continues upwards and breaks above 0.75-0.78, it could reach 1. However, if the price drops below 0.55, it could signal a bearish trend, possibly heading towards 0.288.