Pi Network, the 11th-largest cryptocurrency by market cap, has just entered the ring but has had its fair share of price swings. The Pi token just plunged 10%, leaving investors wondering what’s next.
Some see the dip as a golden buying opportunity, while others fear it could be the start of a deeper decline. Adding to the mystery, large Pi token movements have sparked speculation about insider activity. With major token unlocks just around the corner, what’s next for Pi Coin? Let’s break it down.
What’s Behind Pi Coin’s Price Drop?
The decline in Pi Coin’s price happened alongside a broader crypto market correction, with Bitcoin falling sharply to $80,000. However, many in the Pi community believe this isn’t the only reason for the drop.
Some traders suspect large token movements from the Pi Core Team (PCT) Wallet contributed to the decline. On March 7, nearly 90 million Pi tokens were transferred out of the wallet, followed by another 36.4 million tokens the next day. Since this happened at the same time as the price drop, speculation is growing that the team could be selling off tokens.
Major Token Unlocks Could Add Pressure
Over the next month, a large number of Pi tokens are set to be unlocked, which could impact price stability. The biggest unlocks are scheduled for March 17 and March 21, with over 23 million Pi tokens set to enter the market on each date.
In total, around 282 million Pi tokens, worth approximately $390.93 million, will be unlocked in the next 30 days. This increase in supply could put downward pressure on the price, making it harder for Pi Coin to recover in the short term.
Will Pi Coin Recover?
Despite the recent dip, some technical indicators suggest a possible recovery. Market analyst Rose pointed out that Pi Coin is consolidating and testing a key Fibonacci retracement level. If it breaks above $2.00, it could trigger a bullish reversal.
The next resistance levels to watch are between $2.00 and $2.60. If Pi Coin moves past this range, it could climb toward $3.00 and eventually $3.60, but strong buying momentum will be necessary for this to happen.
At the moment, Pi Coin is trading around $1.40, reflecting a 10% drop in the last 24 hours. Its market cap stands at approximately $10 billion.
The coming weeks will reveal whether Pi Coin can shake off the pressure or if more turbulence lies ahead.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
Pi Coin’s price fell 10% due to Bitcoin’s market dip and large token outflows from the Pi Core Team wallet, sparking sell-off concerns.
Analysts suggest watching key resistance levels; if Pi Coin breaks $2, a bullish reversal is possible. However, risks remain high.
