- Pi Coin price has been trading near its all-time lows despite a broader crypto market resurgence and the current momentum isn't reassuring.
Pi Coin price declined on Tuesday, going at $0.355 at the time of writing and down by 1.8% on the daily chart. The coin’s woes have piled up in the last week, lowing nearly 20% during that time. Despite registering successive gains in the last two days, Pi is still trading near all-time low levels and the sour sentiment is such that a 350 million token purchase by a whale in the last 24 hours has hardly improved the upside momentum.
The long-running token unlock program continues to be an existential threat to Pi Network coin price upside, with the impact of whale purchases often subdued by a daily massive oversupply. The coin has lost more than 70% of its value from mid-May and will need to protect the $0.300 psychological support to prevent an escalation of the current bearish sentiment.
Meanwhile, Pi Network coin has grossly underperformed its altcoin peers and is immersed in a sea of red at a time when most altcoins in the top 30 ranking have positive returns in the last quarter, with some hitting all-time highs. Furthermore, top-tier exchanges have been unwilling to list the coin, with some opting to list non-utility meme coins over Pi Coin. That has raised concerns on the coin’s growth prospect and will likely continue to limit gains for the foreseeable future.
Pi Coin Price Prediction
Pi Coin price pivot mark is at $0.356 and action below that level will favour the sellers to stay in control. The coin will likely find the first support at $0.350. A stronger momentum will break below that level and could potentially send the action lower to test $0.344.
On the other hand, going above $0.356 will signal the onset of bullish control. That will likely see primary resistance encountered at $0.363. Breaking above that level will invalidate the downside narrative. In addition, such a momentum could potentially send the action higher and test $0.372 in extension.
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