The price of Pi Network is under pressure and remains in consolidation despite recent significant market fluctuations. Sentiment analysis and expected events may impact future developments.
Price Consolidation After Sharp Surge
Despite the Pi token (PI) reaching a level of $0.8705 on the day of Open Mainnet launch, its price has significantly dropped since. In the first six days, it surged by 2951.40%, but from February 27th, bearish trends became evident.
From February 27th to April 4th, the price dropped by 81.43%. A temporary rebound of 112.96% occurred from May 7th to May 13th, but heavy selling pressure resumed from May 14th.
Bearish Trend Signals
According to recent data, Pi trading volume has fallen by 44% in the last 24 hours. 6.11 million tokens were deposited to exchanges while 3.8 million were withdrawn, indicating a negative trend with a net inflow of 2.27 million tokens. Analysts warn of a potential 35% decline to the $0.40 level.
Technical indicators also confirm bearish sentiments: narrow Bollinger Bands and low ATR suggest a potential sharp breakout from the range.
Upcoming Events and Their Impact
Despite the negative trends, several upcoming events may shift investor sentiment. Among these are rumors of a listing on Binance, which could stimulate a short squeeze, and the Pi2Day event on June 28th, where key announcements from the project team are expected.
The price of Pi Network remains in a low-volatility range, and current bearish signals may indicate further declines. However, upcoming announcements could help alter the current dynamics.
