The situation surrounding Pi Network intensifies amid bearish market trends and upcoming token unlocks.
Bearish Trend Continues
Pi token has dropped over 3% in the past 24 hours, trading at $0.5605. Technical charts show a neutral-to-bearish trend. The RSI and Stochastic remain neutral, indicating no strong direction. Since May 21, Pi has been caught in a bearish trap, marked by lower highs, suggesting that sellers are dominating.
Potential Crash to $0.40
On June 17, the token fell by 11%, hitting a low of $0.5311. This drop followed an announcement that .pi domain auctions would be moved to a separate section, failing to excite users. Over the past few days, Pi slid from $0.6345 to around $0.5450. Analyst Dr Altcoin warns of a potential crash to $0.40 if no major update occurs by June 28.
The Role of Altcoins in Pi's Future
Another analyst notes that the rise in Pi's price relies on a broader shift in the crypto market. For altcoins like Pi to rally, Bitcoin must first break its all-time high, which could trigger an altcoin season. Until then, prices may continue to trade sideways.
Pi Network faces significant risks amid the bearish market and upcoming token unlocks, which could heavily impact its value in the coming months.
