Analysts warn that the price of Pi Coin may fall to $0.16

Recently, the PI token of Pi Network – one of the most anticipated cryptocurrencies – has gradually faded into obscurity in the retail investor community. Although there was initially a strong wave of hype about the potential of Pi Network, the bearish performance of this coin has caused many investors to be skeptical. The clearest evidence is the continuous fall of Pi Coin.

However, although the value of this currency has somewhat stagnated, the Pi Network community continues to research and assess the potential for development within its ecosystem. In addition, the speculation surrounding whether Pi Coin can recover and return to its peak in the near future still has no clear answer.

In the current context, some market experts have also commented on the changes in Pi Coin. One of them predicts that the value of Pi Coin could fall further, down to 1.6 dollars, based on technical trends. However, there is also the view that if buying power increases and the market turns positive, Pi Coin could witness significant price increases in the near future.

Price Volatility of Pi Coin

According to the latest data, the price of Pi Coin is slightly increasing by 1.4% today and is currently trading at $0.62, although it has adjusted from the 24-hour high of $0.65. Trading volume has also fallen by more than 12%, down to $56 million, an indicator that suggests investor participation is becoming increasingly sparse. This further reflects the weakening interest of the community in Pi Coin at the present time.

Data from CoinGlass also indicates that the open interest of Pi Coin has fallen by more than 50% compared to the peak in mid-March, reflecting a decline in trading demand and a lack of strong buying momentum from retail investors.

Looking at the weekly chart, Pi Coin has recorded a fall of about 10%. However, in the past 30 days, Pi Coin has still grown by about 9%, with the highest price in the month being $1.62, indicating that there are still expectations and growth potential if there is a recovery.

One of the factors that has diminished the appeal of Pi Coin is the lack of transparency in the development from the Pi Core Team. Many investors and participants in the community have expressed their disappointment due to the absence of any important announcements from the development team over the past period. This silence is believed to be the main reason for the decline in the value of Pi Coin, as the market lacks information to guide its strategy.

However, there are still technical analyses that show the opportunities and key price levels that investors may want to pay attention to.

Will the price of Pi Coin fall to 0.16 dollars?

A renowned analyst on TradingView, Weslad, has shared his assessments regarding the current situation of Pi Coin. He notes that the price of Pi Coin has fallen sharply from the peak of $2.96 and is currently showing signs of forming a base around $0.38. This price structure indicates a "descending triangle", a price pattern often regarded as a sign of a bearish trend.

! PI Price Chart | Source: Weslad/ TradingViewWeslad warns that if the Pi Coin price continues to fall below the $0.38 support level, the coin may continue to fall to the $0.16 level. However, he also emphasized that if there is a strong rebound from the buying force, Pi Coin could skyrocket to the $0.92 level and even return to the $3.04 price area in the short term.

He added that, if Pi Coin maintains this upward momentum, there is a possibility that the value of this currency will continue to rise significantly in the long term, with a potential target level of up to 23 dollars.

Amidst strong price fluctuations and uncertainty, Dr. Altcoin – an expert in the cryptocurrency community – shared his predictions about the near future of Pi Coin. He believes that Pi Network is currently in a consolidation phase and may need a significant catalyst to reverse the situation.

An important event that investors are waiting for is the announcement from the Pi Core Team, which is expected to be made on June 28, during Pi Day 2. If the Pi Core Team provides a significant update at this time, it could stimulate a strong recovery of the value of Pi Coin.

However, Dr. Altcoin also warns that if there are no significant announcements, the price of Pi Coin may continue to fall below the all-time low of $0.40. Nevertheless, he also hopes that in August, as the amount of unlocked tokens decreases, the selling pressure will ease and the price of Pi Coin may start to recover.

Emma