What to Expect as Pi Coin Struggles with Price Drop
Pi Coin, once hailed as a strong contender in the altcoin market, is currently grappling with a dramatic fall in value, raising doubts among investors and analysts about its future prospects.
After a sharp plunge to a record low of $0.77, the token has lost 30% of its value within just one week, and its market cap has dwindled to $5.6 billion, a significant drop from its recent highs.
Concerns Over Pi Coin’s Struggling Market Position
Once occupying a strong position in the top altcoins, Pi Coin now finds itself at a crossroads. After a meteoric rise earlier, the asset is having a hard time maintaining momentum, with many questioning its ability to stay in the top 30 cryptocurrencies. Pi Coin’s current performance is making investors wary, and Bullstraders7, a crypto analyst, has suggested that the token could fall to $0.6—a critical support level—before a possible reversal.
Token Unlocks Could Amplify Selling Pressure
One of the biggest concerns for Pi Coin holders is the impending wave of token unlocks. According to PiScan, over 105 million tokens, valued at around $85 million, will be released into the market within the next 30 days. This flood of new tokens—particularly the 6.8 million tokens set to be unlocked on April 3—could exert immense pressure on the market. With 1.6 billion Pi Coins expected to be unlocked over the course of the next year, the supply increase may further fuel investor concerns and contribute to continued price declines.
Lack of Binance Listing: A Key Setback for Pi Coin
A major factor exacerbating Pi Coin’s struggles is its failure to secure a listing on Binance, one of the largest and most influential cryptocurrency exchanges globally. Despite overwhelming community support for a Binance listing—87.1%of participants voted in favor—Pi Coin has yet to be listed on the exchange. This has caused frustration among investors, leading to increased panic selling and further declines in Pi Coin’s value. The lack of confirmation from Binance has triggered uncertainty and loss of confidence among potential buyers and traders.
Potential Signs of a Turnaround?
Despite the prevailing bearish sentiment, there are some signs that a rebound could be on the horizon. Couple of crypto traders pointed out that the recent price drop might present a buying opportunity, highlighting the Pi RSI divergence as a positive indicator. Additionally, they mentioned that Pi Coin’s price is nearing a Fibonacci support zone, which could serve as a base for a potential rally. While this is speculative, it offers hope for those hoping the coin can recover.
Editorial Team
Reporter at Coindoo
