The Pi Network token (PI) continues to decline in value, facing significant pressure below the $1 level. Factors include token unlocks and activity on centralized exchanges.
Current Status of PI Token
After a brief recovery above $1.79, the PI token has started a steady decline, losing over 3% of its value in the last 24 hours. Over the week, the price has dropped by more than 20%, and its market capitalization has decreased by $1.4 billion, leading to a drop from 17th to 27th in market ranking, according to Coingecko data.
Technical Analysis of PI/USDT
Analysis of the PI/USDT chart on TradingView has highlighted a falling wedge pattern on the 4-hour timeframe. This pattern is often seen as bullish because the narrowing price consolidation indicates decreasing volatility. Support near the lower trendline of the channel holds firm at $0.87, indicating buyers' efforts to drive prices upwards.
Breakout Potential and Future Outlook
The falling wedge pattern suggests growing buyer interest, potentially leading to a breakout above the upper trendline. Despite the addition of PiDaoSwap to the ecosystem, buyers have yet to show enough confidence for significant price increase.
The PI token is in a consolidation phase with potential for a breakout. Investors should use additional analysis tools to confirm price direction.
