Pi Network is down 2.5% in the last 24 hours and 23.9% on a monthly basis, according to CoinMarketCap. It is accompanied by bearish technicals too (such as the Exponential Moving Average (EMA), Relative Strength Index (RSI), MACD & Fibonacci patterns), as the bear trend is still in play for this altcoin.
These technical gauges indicate there might be limited buying pressure and even downside risks over the short term.
With Pi Network continuing to fight for resistance once again at over $0.60, traders and analysts are no doubt keeping a close eye on the next wave of token unlocks as well as wider market conditions that may continue to affect its price action in the near future, as seen on crypto exchanges.
Token Unlock Surge Puts Pi Network at Risk of Collapsing
June and July will have a large token unlock for Pi Network. PiScan projects nearly 164M PI tokens unlocked in June and about 249M in July, well above the monthly average of 136M. Community conversations on Reddit point to heightened concerns for oversupply:
“June and July’s 400M unlock will be BRUTAL. This is just, like, this is a small slice of what’s …”
This altcoin might face further downward momentum if demand doesn’t pick up.
Pi Network Could Drop to $0.40
With primary support at around $0.4069 and a lower-high structure, Pi Network may head back to the $0.40-$0.44 area. Pi’s price is in freefall; it could hit $0.40 by late June.
Dr. Altcoin, anonymous founder of the 33,000-member Telegram channel, told us that Dr. Altcoin’s worst-case scenario is playing out, and without a massive catalyst, Pi could well fall to $0.40 by June. It is critical to recover the momentum above $0.60–$0.63 to change the trend.
Altcoin Rally Reliance
The recovery of Pi Network is closely tied in with the overall altcoin renaissance. Analysts add that Pi Network should see a break of Bitcoin’s all-time high and strength in Ethereum first before the altcoin boom begins. Until that happens, this altcoin is likely to consolidate.
Community Voice & Domain Update Mayhem
Pi Network’s decision to bifurcate Pi domain auctions into a stand-alone app raised concerns in the community. A Reddit user stated:
“Pi domains don’t work on regular hosting…. Visitors can not navigate to your domain through the regular browser, at least for now.”
The focus on limiting domain squatting and bolstering the utility of Web3, while well-intentioned, could contribute to a drag on sentiment over this altcoin ecosystem, as frustration over the services built on that platform adds up for the average user.
Pi Network Price Forecast: Near-Term Outlook
Date | Price Prediction | Change (%) |
Jun 19 | $0.5536 | –1.2% |
Jun 20 | $0.4964 | –11.4% |
Jun 21 | $0.4560 | –18.6% |
Jun 22 | $0.4359 | –22.2% |
Jun 23 | $0.4246 | –24.2% |
CoinCodex projects a June average near $0.44, with a July range between $0.41 and $0.41–$0.45.
Long-Term Pi Network Upside
With mainstream market adoption and listings, Pi Network can expect to be valued at $0.85+ in June or even $1.00+ in a bullish altcoin sentiment. A few lifelong altcoin analysts have a bold estimate: by 2030, a price of $500 to $1,000 at the outer limits of ambition, which would be based on explosive uptake in the ecosystem.
Pie Network is at an Inflection Point
This altcoin is Pi Network, and it faces bearish pressure intensified by large unlocks and technical resistance. Recovery hinges on specific catalysts such as auction updates, recaptured buying support, and general altcoin seasonality.
The next two weeks will be key. Pi Network could either be bound to move sideways on $0.55–$0.60 or down on $0.40–$0.45 with all attention now on stakeholders and analysts.
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Frequently Asked Questions
1. What’s pushing the value towards the 30-cent mark?
Ellipsis’ price is under pressure from the weak market’s demand, sell pressure, technical weakness, and anticipation of a substantial amount of token release this month.
2. How does the upcoming token unlock affect the price?
Huge unlocks can create huge circulating supply and typically put downward pressure on the token price if demand and utility don’t grow them out of proportion to the circulation.
3. Is there a chance for the token to recover in the following weeks?
What could spark a recovery are a coin offering, a return of market sentiment, and announcements that would bring back trust in the use case and value of the token.
4. What should investors in altcoins be on guard for?
Altcoin traders should be watching breakdowns in technicals, progress in projects, changes in supply, and general market sentiment, as they play significantly into the short-term performance of the tokens.
Glossary of Key Terms
Altcoin
An altcoin refers to any crypto asset other than Bitcoin. Altcoins are the tokens such as Ethereum, Solana, and smaller projects, each providing alternative use cases or innovations.
Token Unlock
A token unlock A token unlock is when a predetermined amount of (locked or restricted) tokens gets released into circulation and has an influencing effect on price due to increased availability.
Technical Indicator
A technical indicator is a numerical calculation based on price, volume, or open interest used as a predictor of where the market is going or how to make money from it.
Support Level
Support level is a price level at which demand for an asset prevents the price from declining any farther. A break of this level could indicate further downside pressure.
RSI (Relative Strength Index)
RSI is a momentum oscillator that measures the speed and change of price movements. It can also indicate when a market is overbought or oversold.
Token Supply
Token supply is the amount of a cryptocurrency in existence, which includes the total of circulating and locked supply. It influences scarcity and price.
Fibonacci Retracement
Fibonacci retracement is actually a trading mechanism that is used to draw horizontal lines between the highs & lows in order to identify the potential support and resistance levels in accordance with the historical price move.