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Pi Coin is showing signs of life, rising by 2% today and now trying to break above the important $0.50 level. This comes after a long downtrend that started in May, when the token peaked at $1.65.
But what’s really caught attention is a big transaction. Someone reportedly bought 2.8 million Pi coins and withdrew them from the OKX exchange. In total, over the last three days, about 12 million Pi coins have been bought and withdrawn from OKX.
At the moment, centralized exchanges hold around 356 million Pi coins, with OKX holding 19.7 million.
What’s Next for Pi Coin Price?
July could be a bumpy month for Pi Coin. A big token unlock is scheduled, releasing about 318 million Pi (worth nearly $160 million) into the market. This sudden increase in supply might add selling pressure and push prices lower if demand doesn’t pick up.
Currently, bulls are defending the $0.47 support level as bears keep rejecting upward moves. Pi Coin briefly crossed above the 20-day moving average (around $0.56) last week but failed to break through the stronger 50-day resistance at $0.66.
If Pi holds $0.47 and manages to climb back above $0.50, it could target $0.57 and later $0.60. But if it falls below $0.47, the next downside target would be $0.40.
Amid all this, Dr. Altcoin pointed out that the so-called GCV group seems to forget one thing, the Pi Core Team (PCT) has already sold millions of Pi coins for less than $2 each to raise money for the $100 million Pi Network Ventures fund. He said that even the PCT doesn’t believe in those unrealistic GCV price claims.