The Pi Network price today shows continued weakness, as the coin, once surging to a high of $2.99 in late February, has since dropped by over 68%, now trading around $0.86. Despite its underwhelming performance, some analysts remain hopeful about its potential for a rebound.
The Current Struggles of Pi Coin
The PI Coin price has been grappling with a series of challenges, including a continuous decline and an ongoing issue with token unlocks. The most recent data reveals a 5% drop in the past 24 hours, with the price hovering around $0.923. Additionally, the Pi Coin market has seen a decline in trading activity, with the Pi Network trading volume decreasing by 30.56%, slipping below $200 million.
As Pi Network Coin fails to hold above $1, the price now must rebound from the $0.86 support to avoid further massive corrections. Source: TradingView
A significant factor contributing to the Pi Network sell pressure is the large number of Pi tokens being unlocked and moved to centralized exchanges (CEXs). In the past week, nearly 8 million tokens have been transferred, leading to fears of further sell-offs. The influx of tokens on exchanges has resulted in market oversaturation, worsening the Pi currency value decline.
Will Pi Network Rebound?
Despite these ongoing struggles, some analysts suggest that Pi Coin value is showing signs of recovery. A decrease in the rate of token unlocks from 13 million to just 3.8 million per day has helped reduce some of the selling pressure. According to technical analysis, if Pi cryptocurrency manages to maintain the support zone around $0.71-$0.86, it could potentially bounce back for a $2 primary target.
Pi Network Coin price is expected to rebound from the $0.71-$0.86 support zone. Source: AcolyteCrypto on TradingView
In addition, Pi Network news highlights a strategic partnership with PiDaoSwap, a community-driven platform aimed at improving governance and transparency. This could help restore confidence in the Pi cryptocurrency value and lay the foundation for future price appreciation.
The Impact of Token Unlocks and Market Sentiment
One of the major concerns for Pi crypto investors is the ongoing token unlock process. The subsequent 30 days will witness approximately 99.3 million Pi tokens added to circulation, which can bring additional downward pressure on the Pi crypto price. In an effort to mitigate this, analysts suggest that the Pi Network Coin team should enforce the burning of 60-100 million tokens. This reduction in circulating supply would help stabilize the price of the Pi token and reduce the current volatility.
17,914 Pioneers will have their Pi Coins unlocked, with a plea to hold rather than sell. Source: Pi Open Mainnet via X
As Pi mining has become appealing to a large community, the project was criticized because it is centralized given that its SuperNodes are owned and controlled by the Pi Core Team. However, Pi Network Coin price could benefit from further decentralization efforts. Partnerships, such as the one with PiDaoSwap, indicate that Pi Network is actively working toward a more transparent governance model.
Short-Term Price Targets and Long-Term Projections
In the short term, analysts are cautiously optimistic that Pi Coin worth could see a price rally if it successfully holds the $0.85 support level. Some technical indicators, such as the breakout of a descending channel, suggest that the coin may eventually rise toward $1.50 to $2 if bullish momentum builds. This would represent a significant rebound from its current lows.
Pi Network price needs to plot a bullish breakout above $1.20 to revive the recent bullish momentum. Source: UniChartz on TradingView
Looking further ahead, some more ambitious projections point to even higher targets. Mainnet Pi is expected to drive more adoption, and if the Pi Coin exchange listings expand to major platforms like Pi Network Binance, liquidity and demand could increase. The end-goal in the long run is to establish Pi currency as a stablecoin for peer-to-peer transactions.
If the project does achieve its vision, then the worth of Pi Coin will be much greater, with some believing that it could eventually reach a level of up to $10 per token. While these are speculative projections on what might or might not happen in the future, they do show the potential for growth if Pi Coin trading volume is expanded and expanded adoption ensues.
Looking Forward: What’s Next for Pi Coin?
Despite the current market challenges, Pi Coin news reveals that Pi Network market trends can improve if the Pi Coin market finds stability. The Pi token’s price could have some space to increase further, particularly if the Pi Network Coin team makes the appropriate adjustments to address token unlocks and improve transparency.
While short-term volatility might produce price bounces, long-term estimates are conjectural. Investors should be cautious and monitor crypto Pi market activity closely, with the realization that investments in cryptocurrencies carry inherent risk. As always, market forces, future token burns, and potential exchange listings of Pi Coin will greatly determine Pi cryptocurrency value over the next several months.
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