Pi Coin's price has hit $0.419 and may drop 23% due to whale sell-offs and bearish market trends.
Whale Sell-Offs and Current State of Pi Coin
As of July 31, Pi Coin's price has decreased by 1.54% to $0.419. Large holders, known as 'whales,' have begun to offload their assets, raising concerns among token holders. The nearest support target is around $0.32.
Technical Analysis and Bearish Patterns
Technical analysis reveals a head-and-shoulders pattern indicating a shift in market control from bulls to bears. If the price breaks below the critical support level, it could plunge to $0.32, marking a low since the token's market debut in February 2025.
Fundamental Issues and Prospects for Pi Coin
Analyst Kim Wong highlighted two significant issues affecting Pi Coin. First, the network has yet to launch any decentralized applications (dApps) despite being live for seven months. Second, the tokenomics model remains flawed due to ongoing token unlocks that limit potential price growth. Unless these fundamental issues are addressed, Pi Coin's price may continue to face downward pressure.
Given the bearish technical patterns, whale sell-offs, and an influx of new tokens, Pi Coin holders may need to prepare for deeper corrections. While a rebound from $0.32 is possible, the current outlook remains cautious.
