The current situation in the Pi Coin market raises concerns among investors due to recent price declines and actions of major holders.
Current Market Situation of Pi Coin
As of July 31, Pi Coin was trading at $0.419 following a modest 1.54% dip. The emerging head-and-shoulders pattern might indicate a potential bearish reversal, which could lead to a 23% drop from current levels.
Unlocking Tokens and Their Impact
A significant factor contributing to reduced market confidence was a major wallet offloading 2.36 million PI to Bitget, reflecting diminished trust from large holders. The RSI remains near 35, indicating that buying momentum is weak despite some recovery attempts around $0.41.
Support Levels and Possible Scenarios
Further downward pressure is expected in August with over 150 million tokens set to be unlocked, which may increase selling pressure. If PI breaks below key support, $0.32 could become a new demand zone, potentially marking a new low for the year.
Current market trends for Pi Coin cause concern due to recent sell-offs by major holders and the impending increase in token supply. Future price movements will depend on investor actions and the overall market situation.