Amid the rise of leading cryptocurrencies like Bitcoin and Ethereum, Pi Coin continues to show a decline, raising concerns among investors.
Price Decline of Pi Coin
In the last 24 hours, the price of Pi Coin has fallen nearly 6%, reaching around $0.462, just slightly above its historical low of $0.40.
Factors Influencing the Decline
A major factor behind the decline is the upcoming token unlock. Between July 8 and 15, over 100 million Pi tokens will be released, accounting for about 1.5% of the total supply. On a single day, 10 million tokens are set to enter circulation, adding selling pressure.
Future Predictions
Technical analysis shows that Pi Coin remains trapped in a downward trend with weak trading volume. The RSI stands near 39.8, indicating an oversold condition, but lack of strong momentum does not predict an uptick. Without significant catalysts, the price may continue to slide towards $0.40 or lower.
The situation surrounding Pi Coin raises questions for investors amidst the overall market surge. Future price movement is expected to depend on upcoming events and market changes.
