The price of Pi Network cryptocurrency is under significant pressure, showing a decline for two consecutive months and approaching its all-time low. This article examines individual reasons for the drop and potential growth factors.
Current Price Analysis of Pi Network
Pi Network cryptocurrency is trading at $0.4185, down 86% from its peak. The decline has occurred amid waning interest in the mainnet launch and the release of new tokens onto the market.
Upcoming Token Unlocks
In August, approximately 160 million tokens worth over $67 million are scheduled to be unlocked. Forecasts indicate that another 1.27 million tokens will be unlocked over the next year, which could negatively affect the price by increasing supply in the market.
Technical Analysis of Pi Network Token Prices
Technical analysis suggests a potential price surge for the token in August. The formation of a double bottom at $0.3983 and a downward triangle indicates the likelihood of a strong bullish breakout. The MACD also shows a bullish divergence.
The price of Pi Network cryptocurrency remains under pressure due to record low levels and anticipated token unlocks. However, technical analysis indicates the potential for recovery in the near future.
