The Pi Network token has shown significant growth recently, but analysts warn of potential risks for a price decrease.
Rise of the Pi Network Token
The Pi Network token increased by 18.46% in the past 24 hours and is currently trading at $0.63. This marks the highest price in a few days, reflecting a steady but confident rise. Over the past week, the token has gained 14%.
Reasons for Price Increase
The recent price surge may be attributed to the upcoming generative AI features teased by the project team. The last post from the team was shared on June 21, announcing the Pi2Day event scheduled for June 28.
Predictions of a Correction
Analysts are warning of a potential correction that could halt the rally. Technical indicators such as MACD and RSI show signs of weakening, while the upcoming release of over 268 million PI tokens in July could create price pressure. Some traders have recognized key resistance levels that may trigger a drop in price to the range of $0.57 to $0.60.
Thus, despite the recent strengthening of the Pi Network token, correction risks remain pertinent, and traders should exercise caution.
