Pi Network's Value Drops 44% Amid Market Volatility, Unlocks Ahead

Pi Network, a cryptocurrency that has garnered significant attention, has recently faced a series of challenges that have impacted its price. Over the past ten days, the value of Pi Network has declined by approximately 44%, currently trading around the $1 mark. This decline has raised concerns among investors and analysts about the coin's ability to retain its value.

The price of Pi Coin has shown volatility, with a recent dip to $0.86 followed by a recovery to around $1.01. However, the coin faces resistance at $1.20, indicating that further gains may be challenging. The decline in price has been attributed to various factors, including high volatility in the crypto market and concerns about price manipulation. PiDaoSwap, a decentralized exchange, has been introduced as a potential solution to stabilize the value of Pi Coin.

Despite the recent gains, the overall sentiment towards Pi Network remains cautious. The Chaikin Money Flow (CMF) indicator for Pi Network is at its lowest point since the project's launch, suggesting a record high outflow of funds. This indicates diminishing investor confidence, which could lead to further price declines if the trend continues. The Relative Strength Index (RSI) has shown some recovery, but the overall market pressure remains strong, making it difficult for Pi Network to maintain its current position.

Analysts have suggested that if Pi Network can reclaim the $1.19 level as support, it could open up opportunities for recovery. A successful rise past that level could push the price back to around $1.43, helping the token to recover some of its recent losses. However, if selling pressure remains high, the price of Pi Network has the potential to drop to the $0.92 support level, and if this level is broken, the decline could continue to $0.76.

According to Pi Coin enthusiast Dr Altcoin, the recent influx of unlocked Pi coins on centralized exchanges (CEXs) has led to a surge in circulating supply. To counter this, the Pi Team may need to burn an additional 60-100 million coins in the coming days. This move, which Dr Altcoin believes, could help drive Pi Network price back to the $1 mark. While investors remain cautious, Dr. Altcoin’s prediction offers a glimmer of hope for Pi Coin’s future. However, with the upcoming token unlocks and other factors, he urged investors to exercise due diligence before putting their bets into the asset.

With the upcoming token unlocks, market watchers are speculating over the future trajectory of the Pi Coin. For instance, a total of 97.65 million Pi, worth around $93 million at the current price, will be unlocked over the next 30 days. The average unlock stands at 3.25 million tokens a day and the highest unlock will be around 6.8 million Pi coin on April 3. On the other hand, PiScan data showed that 115.57 million tokens will be unlocked in April, followed by 182 million and 222 million in May and June, respectively. Having said that, these massive unlocks might continue to add pressure on the token’s future performance. But, as Dr Altcoin suggested, if the Pi Core Team decides to conduct the token burns, it could help offset the pressure on the Pi Network price.

The future of Pi Network remains uncertain, with both bullish and bearish scenarios possible. Investors need to pay close attention to the support levels and overall market conditions to make informed decisions. The introduction of PiDaoSwap and other potential solutions could help stabilize the value of Pi Coin, but only time will tell if these efforts will be successful.