- Pi Coin price has been below $0.50 for the better part of the last ten days and its current momentum threatens a key psychological support.
Pi Coin price has continues to struggle below the $0.50 mark and was on course to register the fifth loss in the last week as of this writing, trading at $0.456. The coin is cracking under pressure as a combination of development delays and a massive token unlock weigh in. Amid the extended decline, Pi Network is set to release an additional 272 million coins into the market in July, signaling a further dilution of the momentum.
PI Network continues to face criticism for delayed development milestones, putting downward pressure on Pi Coin price. For instance, its App Studio has been on a prolonged beta phase and lack of essential features, sparking user frustration. Nevertheless, Pi Studio is positioning itself as a prominent player in the Web3 ecosystem, aspiring to become the “App Store of Web3.”
At its current level, Pi Coin is below key moving averages, including the 9, 21 and 50 MA on the daily time frame. This affirms control by the sellers and raises the likelihood of an extended downside in the near-term. A break below the $0.400 could certainly strengthen the bearish sentiment. However, despite the many challenges facing the coin, some analysts opine that it could make a strong comeback once the ongoing developments are completed. Also, Pi enjoys a strong community support that held it for years before the live mainnet. Furthermore, the coin is still up by 328% from its original listing price of $0.10.
Pi Coin Price Prediction
The momentum on Pi Coin price signals control by the sellers if action stays below $0.461. The coin will likely find initial support at $0.452. However, an extended control by the buyers will break below that level and attempt $0.445 support.
Conversely, the momentum will shift to the upside if the price breaks above $0.461. With the buyers in control, the coin will likely head higher and meet initial resistance at $0.469. The downside narrative will be invalid above that level. In addition, and extended control by the buyers could push gains higher and test $0.480.
