Pi Coin Drops 70% From Peak, Faces Unlocks and Exchange Listing Uncertainty

Pi Network’s native cryptocurrency, Pi Coin, is currently facing significant challenges in maintaining its value. After a sharp decline, the token has been fluctuating around $0.8, causing investors to worry about upcoming token unlocks and the absence of major exchange listings. Market experts are divided on whether Pi Coin will continue to fall or experience a potential rebound.

Previously considered a strong contender among leading altcoins, Pi Coin is now struggling to remain in the top 30 cryptocurrencies. In the last 24 hours, its price dropped to a record low of $0.77, reducing its market capitalization to around $5.6 billion. This represents a 70% drop from its peak last month and a roughly 30% decline over the past week. Crypto analyst Bullstraders7 has warned that Pi Coin may further drop to $0.6, a key support level before a possible deeper correction. This prediction has increased uncertainty, especially among investors who were anticipating a bullish rally in the token’s price.

Pi Coin’s difficulties are exacerbated by the upcoming release of large volumes of tokens into circulation. According to PiScan statistics, more than 105.96 million Pi Coins, valued at about $85 million, are set to be unlocked within a 30-day period. One of the most significant unlocks is scheduled for April 3, when 6.8 million tokens will enter the market in a single day. Over the next year, 1.6 billion Pi Coins will be released, potentially increasing selling pressure and making it difficult for the token to regain momentum.

Another significant factor affecting Pi Coin’s performance is its lack of listing on Binance, one of the largest cryptocurrency exchanges globally. Most Pi Coin holders had hoped for an official listing following a community vote in February, where 87.1% of participants supported the listing. However, Binance has yet to confirm the listing, leading to panic selling and a loss of investor confidence in Pi Coin’s market potential.

Despite the overall bearish sentiment, some analysts see a glimmer of hope. Crypto trader Coinvo suggests that the recent price decline could be a good buying opportunity for investors. He points to the “Pi RSI divergence” as a strong buy signal, indicating that the token may be on the verge of a rebound. Additionally, he notes that the current “Fibonacci zone” could serve as a supportive base for Pi Coin, potentially pushing its price upward in the near future.

Pi Coin is at a critical juncture, with both risks and opportunities on the horizon. The upcoming token unlocks and the absence of prominent exchange listings pose significant threats, but technical analysis suggests a potential turnaround. Whether Pi Coin recovers or continues to fall remains uncertain, making it a pivotal time for investors to closely monitor market trends.