Pi Coin, the native cryptocurrency of Pi Network, is facing strong selling pressure again after failing to hold the $1 mark. Pi Coin’s price has dropped 5% in the last 24 hours, now trading at $0.923, with daily trading volume crashing by 30.56%, falling below $200 million. The Pi token unlocks and its movement to centralized exchanges (CEXs) have led to the current selling pressure.
Increase in Pi Network’s Native Crypto Supply on Exchanges
Over the past seven days, Pi Coin has corrected by 22% after repeatedly failing to breach the $0.120 level. This has resulted in the cryptocurrency dropping from 11th to 23rd position, losing over $13 billion in market cap over the last month.
Pi Fails to Hold the $1 Mark
Pi Coin is struggling to regain the $1 level, as Pi exchange deposits have surged in recent days. This selling pressure comes from nearly 8 million Pi tokens moving to centralized exchanges (CEXs). According to market analysts, the PiCore Team (PCT) must take urgent action to stabilize the token’s value. A proposed solution is to burn 60 to 100 million coins from the circulating supply in the coming days to prevent further price depreciation.
On the other hand, the total number of Pi Coins held on CEXs has surged to over 338 million, which raises concerns about increased sell-offs and price volatility within Pi Network.
Where Is Pi Coin Heading Next?
A recent TradingView chart by Coinvo reveals a sophisticated trading pattern for the PI/USDT pair on Bitget, highlighting a potential “Triple ZigZag” formation that suggests a possible market trend reversal.
This 8-hour chart uses Elliot wave analysis. Combined with the “Triple ZigZag” chart, it shows a series of corrective waves (labeled A, B, C), with the most recent waves indicating a potential upward momentum.
Coinvo noted that as Pi Coin’s price flirts around $0.9512, there is potential for price appreciation in the coming weeks. Another market analyst, TraderFy, has shared a bold prediction for $PI, stating that it is about to explode. “Pi Coin is about to explode! A massive falling wedge breakout is inevitable,” he wrote, sharing that the immediate price targets are $2.00529 and $2.38466.
