The Pi Network Coin price continues to decline while other cryptocurrencies like Bitcoin and Ethereum are on the rise. In the last 24 hours, the token's value dropped by 9%, raising significant questions about its future.
Decline of Pi Network Coin
In the past 24 hours, Pi Coin has dropped by 9% and is now trading around $0.471, not far from its historical low of $0.40. This looks particularly bad against the backdrop of rising other cryptocurrencies; Bitcoin has reached a new record above $118,000, while Ethereum has surpassed $3,000. Even the recent Pi2Day celebration, intended to uplift the community, failed to support the price. Over the last two weeks, Pi has fallen more than 29%, emphasizing the severity of the current downturn.
Pressure from Token Unlock
One major reason behind the continuous decline is the significant token unlock happening this July. Between July 8 and July 15, over 100 million PI tokens, about 1.5% of the total supply, will enter the market. On one day alone, 10.1 million tokens will be unlocked. These unlocked tokens are often sold by major holders, creating additional selling pressure in the absence of sufficient buyers. Many whales are taking profits by selling, which weighs heavily on the price.
Technical Indicators and Future for Pi Coin
Technical indicators do not provide much reassurance either. Pi Coin is trading within a clear downward channel, and each attempt to break higher sees sellers push it back down. The trading volume is also low at $19.95 million, indicating a lack of buying interest strong enough to flip the trend. The RSI for Pi Network reflects bearish sentiments, currently at 39.8, indicating an oversold condition.
Currently, the risks appear to outweigh the chances of a sudden turnaround. With many tokens unlocking and major holders ready to sell, Pi could easily slip back to test the $0.40 zone or drop into the $0.35 or $0.38 range if conditions worsen. Until Pi sees stronger buying interest or a significant exchange listing, the price may remain stuck in this bearish phase.
