Pi Coin Bucking the Crypto Rally Trend
While most cryptocurrencies have recorded double-digit gains in recent weeks, the Pi Coin has fallen by more than 11% from its monthly high. This underperformance can be explained by several factors, notably the continuous token unlocks inflating supply, as well as concerns surrounding the centralization of the Pi Network.
Indeed, PiScan data reveals that the network will unlock more than 145 million tokens by the end of the month, representing a value of 67 million dollars. Furthermore, the fact that the Pi Foundation holds more than 33 billion dollars in tokens without independent auditing raises concerns about the project’s decentralization.
Bullish Technical Signals ?
Despite this recent decline, Pi Coin’s technical indicators suggest an imminent trend reversal. The cryptocurrency has notably formed a double bottom at a support level of $0.4056, with upside potential to $1.666. Additionally, a bearish wedge pattern and a bullish MACD divergence suggest an upcoming price acceleration. However, PI could still drop to $0.43 in the short term.
Thus, although this cryptocurrency has underperformed the rest of the market in recent weeks, savvy investors see it as an interesting entry opportunity. The $0.4056 threshold represents a critical support level to watch closely to confirm the long-term bullish trend.
While Pi Coin’s volatility and volumes have fallen in recent months, this could signify an accumulation phase before a future acceleration. The POC at $0.47 could indicate this trend if the level is quickly reclaimed.
In conclusion, investors betting on a token rebound would benefit from a favorable buying window, with substantial upside potential if key technical levels are successfully breached.
How to Buy Pi Coin (PI) on Bybit ?
Get $20 when you buy your first tokens on Bybit exchange right now :
- Registration : Create an account on ByBit with an email address and secure password. Complete KYC verification.
- Fund Deposit : Access the “Deposit” section, select USDT, BTC, or fiat, and transfer your funds from a wallet or bank account.
- Purchase : Search for the PI/USDT pair in “Trade” or “Spot”, indicate the amount, choose a market or limit order, and confirm.
