Pi coin, the native cryptocurrency of Pi Network, is once again facing strong selling pressure following the rejection at $1. The Pi Coin price has tanked 5% in the last 24 hours, now trading at $0.923, with daily trading volumes crashing 30.56%, slipping under $200 million. The PI token unlocks and movement to centralized exchanges (CEXs) have led to the current selling pressure.
Pi Network Native Crypto Supply on Exchange Increases
Over the last seven days, the Pi Network native crypto Pi Coin has corrected 22% after it failed to breach past $.120 levels multiple times. This has also resulted in the cryptocurrency slipping from 11th position to now at 23rd position, while losing over $13 billion in market cap over the past month.
Pi Fails To Hold $1 Mark
Pi Coin price is failing to regain $1 as PI exchange deposits have shot up in recent days. This selling pressure comes with nearly 8 million PI tokens moving to centralized exchanges (CEXs). According to market analysts, the PiCore Team (PCT) must take urgent action to stabilize the token’s value. A proposed solution involves burning 60 to 100 million coins from the circulating supply in the coming days to prevent further price depreciation.
On the other hand, the total number of PiCoins held on CEXs has surged to over 338 million. This has further led to concerns about increased sell-offs and price volatility in Pi Network.
Where’s Pi Coin Heading Next?
A recent TradingView chart by Coinvo reveals a sophisticated trading pattern for the PI/USDT trading pair on Bitget, highlighting a potential “Triple ZigZag” formation that suggests a possible market trend reversal.
This 8-hour chart shows an Elliot wave analysis. This coupled with the “Triple ZigZag” chart specifically shows a series of corrective waves (labeled A, B, C) with the most recent waves suggesting a potential upward momentum.
Coinvo noted that as Pi Network’s Pi Coin price flirts around $0.9512, there’s a potential price appreciation happening in the coming weeks. Another market analyst TraderFy has shared a bold prediction for $PI eyeing a major breakout. “$PI is about to explode! A massive falling wedge breakout is inevitable,” he wrote sharing that the immediate price targets are $2.00529 and $2.38466.
The post Pi Network News: Why Is Pi Coin Price Down 5% Today? appeared first on CoinGape.
