Pi Coin demonstrates early signs of market activity, recovering by 2% and trying to break the important resistance level at $0.50. This follows a lengthy downturn that began in May.
Current State of Pi Coin
After reaching a peak of $1.65 in May, Pi Coin has entered a prolonged downtrend. Currently, centralized exchanges hold around 356 million Pi Coins, with OKX holding 19.7 million.
Impact of Large Transactions and Expected Fluctuations
Currently, large transactions are at the forefront: a purchase of 2.8 million Pi Coins was recorded and withdrawn from OKX. Over the past three days, approximately 12 million coins have been bought and withdrawn altogether. In July, a large token unlock is expected, releasing about 318 million Pi Coins into circulation which may impact pricing under increased supply.
Future of Pi Coin: Possible Scenarios
At the moment, bulls are defending the $0.47 support level, but bears are rejecting upward moves. If Pi Coin can hold the $0.47 level and climb back above $0.50, this could set targets at $0.57 and $0.60. Conversely, if it falls below $0.47, the next support target could be at $0.40.
Thus, Pi Coin demonstrates some signs of activity following a long decline, but several factors, including the impending token unlock and market volatility, may affect its future dynamics.
