Pi Coin price printed red for the fourth successive day on Thursday, mirroring the crypto market leader, Bitcoin, which stayed on course to register its first weekly loss after seven weeks of gains. However, Pi coin’s troubles are deeper-rooted than Bitcoin’s, with the Pi Network under pressure from and underlying FUD sentiment. Top cryptocurrency exchanges like Binance and Bybit have shown unwillingness to list Pi, partly due to the project’s perceived opaqueness.
Also, investors are cautious over its governance structure which is seen as not truly decentralised. In addition, the Pi Network ecosystem has failed to expand fast enough to onboard real-world projects and attracts developers that could give Pi Network coin new utility.
Furthermore, the aggressive year-long token unlocking continues to dilute the coin’s value as it struggles to make marginal gains. The coin has been trading in the $0.700-$0.750 range for the most part of the last week and trades at $0.710 as of this writing. However, a break below the $0.700 mark could potentially trigger a psychological pressure to offload the coin.
Conversely, recovery above $0.750 could potentially clear the path to retest $0.800 in the coming days. Pi coin price is down by 4.3% as of this writing, with the 24-hour trading volume up by 7.1%. This signals rising selling pressure that mostly favours an extended downside.
Pi Network Coin Price Prediction
Pi Network Coin price pivots at $0.715 and persistent resistance at that level will pressure the coin to stay on the downtrend. That will likely trigger movement to the first support at $0.700. A stronger upward momentum will break above that level and potentially send the action lower to test $0.688.
On the other hand, breaking above $0.715 will favour the buyers to take control. That will likely see the first barrier come at $0.727. An extended control by the buyers will go above that hurdle, invalidating the downside narrative and potentially sending the price higher to test $0.742.
