Pi Network (PI) Plummeted to a New All-Time Low: Is The Worst Yet to Come?

TL;DR

• PI is down nearly 90% from its ATH witnessed in February, with some analysts foreseeing more downside if the current support breaks.
• Nearly 170 million PI tokens are set to unlock in the next 30 days, while exchange balances already exceed 416 million coins, raising fears of further sell pressure from holders eager to cash out.

New Record Low

The native cryptocurrency of Pi Network has experienced a significant decline over the past several months, and the latest correction in the crypto market has only made things worse.

Just a few hours ago, its price plunged to $0.33, which was the lowest point since the asset began trading. Moreover, its market capitalization tumbled to approximately $2.6 billion; thus, PI is no longer among the 50 largest cryptocurrencies.

Some analysts believe a further drop is not out of the equation. One popular X user predicted that losing the $0.33 support level might result in more pain for the bulls. On the other hand, if the price stays above that zone, it may spark accumulation and a potential liftoff to $0.85. 

Despite PI’s evident downfall, incredibly optimistic forecasts still exist. The X user “open mainnet” urged investors to hold their coins and buy when the price is “favorable.” They even forecasted that the valuation could reach the ridiculous $100.

There’s nothing impossible, but such a target can undoubtedly be described as a miracle considering PI’s unsatisfactory condition and the fact that its market cap should explode to almost $800 billion. As of this writing, the only cryptocurrency with a higher capitalization is Bitcoin (BTC), while Ethereum (ETH) comes in second with less than $550 billion.

The Bearish Factors

The upcoming unlocks of PI (which slowed down at one point in August) are once again expected to pick up. Over the next 30 days, almost 170 million tokens are scheduled for release, with September 2 being the record day, when 13.7 million coins will be freed up.

The development does not guarantee a max exit but gives investors the chance to offload assets they have been waiting for some time.

Additionally, the amount of PI stored on cryptocurrency exchanges continues to rise. Data shows that more than 416.2 million tokens are held by such platforms, with Gate.io leading the way with almost 200 million. The rising figure could be interpreted as a worrying sign by bulls, as it increases immediate selling pressure. 

The post Pi Network (PI) Plummeted to a New All-Time Low: Is The Worst Yet to Come? appeared first on CryptoPotato.

Source link