PI Token Faces Potential Price Decline Amid Supply Concerns
PI Network’s token (PI) is stuck in a narrow trading range, but signs point to a possible drop. Since mid-April, the price has hovered between $0.59 and $0.67.Now, its testing the lower limit at $0.58.
Technical indicators aren’t looking good. The RSI is at 38, below the neutral 50 mark, and close to oversold territory. The MACD also shows weakening momentum. While the MACD line is slightly above the signal line, a bearish crossover might potentially be imminent, suggesting a shift to lower prices.
The price dip and technical weakness may stem from supply concerns. This month, 21.4 million PI tokens were unlocked, worth about $12.3 million. While this unlock is modest, investors fear larger future unlocks. The monthly unlock trend shows a steady supply increase, with an expected average of over 131 million PI per month next year.
Unless the PI Foundation introduces a major update or burns a notable portion of its nearly 72 billion PI holdings, the token may face sustained downward pressure.
- PI price is testing lower boundary at $0.58.
- Technical indicators show weakening momentum.
- Supply concerns due to token unlocks may weigh on price.
For more details, check out crypto.news and PIscan.
