The post Is Pi Network Token Heading for More Losses or a Surprise Comeback? What Next! appeared first on Coinpedia Fintech News
Pi Network’s native token has been struggling to hold its level after a sharp drop in price to $0.8. With a massive wave of token unlocks on the way and no major exchange listings in sight, uncertainty is growing. Thus experts believe Pi coin price could drop even further, while others see signs of a possible recovery.
Pi Coin Drops 30% in a Week
Pi Coin, once close to becoming a top 10 altcoin, now, it is struggling to stay within the top 30. It’s price has recently fell to a new low of $0.77 in the past 24 hours, with a market cap hitting $5.6 billion. This means it has lost over 70% of its value from last month’s peak and nearly 30% in just a week.
Thus crypto analyst bullstraders7 warn that Pi Coin could drop to $0.6, as it is the last major support before a deeper decline. This has added to the growing uncertainty, especially since many investors were hoping for a strong price rally.
Token Unlocks Add Selling Pressure
Adding more concern, Pi Network is about to faces another challenge, with a massive wave of token unlocks. According to data from PiScan, over 105.96 million Pi Coins, worth around $85 million, will enter the market in the next 30 days.
However, the biggest one-day unlock will happen on April 3, when 6.8 million tokens will be released. Over the next year, a total of 1.6 billion Pi Coins will be unlocked, which could put more selling pressure on the market.
No Binance Listing Adds Concerns
Another issue affecting sentiment is the lack of a Binance listing. Many Pi Coin holders expected the token to be listed after a community vote in February showed 87.1% approval.
However, Binance has yet to confirm any listing plans, leaving investors disappointed. This uncertainty has led to increased panic selling, further dragging the price down.
Ray Of Hope For Pi Coin
Meanwhile, Crypto trader Coinvo believes Pi Coin’s recent drop could be a perfect entry point for investors. He noted that the “Pi RSI divergence” is flashing a strong buy signal, suggesting that a rebound might be near. He also mentioned that the current “Fibonacci zone” could help push Pi Coin to a higher price soon.
Based on this analysis, Pi Network’s price could rise in the coming days, possibly reaching new highs around $5.