The Pi cryptocurrency is under significant pressure due to recent events and expectations. Analysis shows that the situation is unstable, with various factors influencing the price dynamics.
Current Trends of Pi
Presently, Pi's price hovers around $0.54, reflecting a decline of over 3% for the week. Following migration issues ahead of the June 28 upgrade, many investors sold their assets out of impatience. The price, which was recently above $1, is now testing lower levels, approaching $0.40.
Key Support and Resistance Levels
Analysts have noted a classic symmetrical triangle, with prices fluctuating between $0.54 and $0.74. A breakout above $0.74, accompanied by holding that level, could lead to a rapid price increase. Meanwhile, the $0.40 zone has served as a support level multiple times, and a close below this point could open the door to further losses.
Prospects and Expectations
With Pi2Day approaching on June 28, interest in potential events is growing. Positive news, such as successful upgrades or major partnership announcements, could significantly impact the market. However, the current pressure on Pi is attributed to an oversupply of newly mined coins and a lack of real-world demand.
In the coming days, the fate of the Pi cryptocurrency hinges on its ability to manage supply and demonstrate real utility. Market attention is focused on upcoming events and anticipated changes.
