The price of Pi (PI) has been fluctuating wildly recently, causing confusion among the user community, known as “Pioneers.” In the trading session on June 13, Pi hit a low of $0.478 before recovering to around $0.60 on June 16, down more than 3% from the previous week.
The main reason is believed to be the prolonged silence from the Pi Core Team. Despite promising many important updates, there has been no significant progress so far, disappointing many investors. The tense situation between Israel and Iran has shaken the entire cryptocurrency market, and Pi has not been immune to the sell-off.
However, despite the price drop, Pi's trading volume remains high (over $80 million in just 24 hours), showing that money is still flowing in, mainly from "bottom-fishing" investors who believe in the long-term prospects of this coin.
The Pi Network community is going through a difficult time after the project's main token price recently dropped below the $0.50 mark, even hitting a low of $0.40 at one point (Photo: Cryptotimes).
Technical Signals: Preparing for a Strong Bounce?
On the technical chart, Pi is showing some patterns that could signal a bullish reversal. Specifically, the “hammer” candlestick pattern appeared after a deep decline - this is often a signal that the market may reverse. In addition, the “triple bottom” pattern around the $0.60 support area - a typical structure for a recovery trend - also appeared.
Volatility indicators like Bollinger Bands and Donchian Channels are also narrowing, a sign that the market is consolidating before a big move. The ATR (Average True Range) indicator is also falling, further strengthening the case for a “short squeeze” where short sellers are forced to buy back, pushing prices up.
If the price breaks above the 50-day moving average (EMA 50) at $0.66, the bullish momentum could be established and Pi could move towards the psychological resistance of $1. However, if the price falls below $0.3945 - the bottom of the hammer candle - the recovery trend could be invalidated.
The “pushes” can come from the ecosystem
Besides technical factors, some developments in the Pi ecosystem are also expected to create momentum for the price.
The first is the “.pi” domain auction program - similar to Ethereum’s ENS service. This is a step to build web3 infrastructure, allowing users to register their own domain names and use them in the Pi ecosystem. The auction started on March 14 and is expected to end on June 28 - coinciding with the “Pi Day 2” event.
According to the developers, the number of auction participants is increasing rapidly, especially for domains related to large brands. Using PI tokens for auctions can help lock or reduce the circulating supply, thereby supporting the price.
Second, the “Pi Day 2” event at the end of June is expected to bring breakthrough information. In the past, the Pi Core Team has often chosen this occasion to announce major plans. Observers expect that there may be progress related to Global Consensus Value (GCV), incentive mechanisms, or the roadmap for opening the public Mainnet.
Next up is the mainnet migration – a key element to Pi’s true liquidity. The first phase has already migrated over 12 million accounts, and the upcoming second phase will open up referral rewards and unfunded accounts. With the token circulation under control, there is a natural chance of price appreciation if demand increases.
Expectations of listing - a game-changer?
One of the biggest highlights, and also the biggest expectation of the community, is the possibility of Pi being officially listed on major exchanges such as Binance or Coinbase. Listing not only helps increase liquidity but also creates a psychological boost for the entire market. Many tokens such as Livepeer or Orca have doubled immediately after being listed.
However, analysts say that the lack of transparency in the token burning and locking mechanism, as well as the fact that Pi has not yet opened for public trading, are barriers that make major exchanges hesitant. To convince leading trading platforms, the development team needs to act more specifically and clearly.
Can Pi reach $10?
Many people still believe that Pi can reach $10 in the future, despite the fact that its current price is only around $0.60. This belief is based on the more than 70 million registered users. If even a fraction of them use Pi for payments, shopping, or in ecosystem applications, demand will skyrocket.
Dr. Altcoin expert said that for Pi to truly become a payment tool in its own ecosystem, its value needs to reach at least $10. In the context that most tokens are still locked and the supply is limited, the implementation of practical applications and expanding cooperation could be the key to the price turning point.
Pi Network is at a critical juncture: on one side is the pressure from lack of updates and falling prices, on the other side is the potential for long-term development. If the Pi Core Team takes more drastic actions, from making the roadmap transparent, activating token economic tools to listing on major exchanges, Pi still has a chance to assert its position in the cryptocurrency market.
Source: https://dantri.com.vn/kinh-doanh/dong-pi-giang-co-trong-su-hoang-mang-cua-gioi-dau-tu-20250616160656187.htm
Comment (0)