Pi Network Price Risks Falling to $0.4: What Lies Ahead for Pi Coin?

Pi Network price has continued to bleed over the past few days, dropping below the $0.62 support while writing. Notably, the dip comes as the Pi Core Team faces heavy backlash, with the community calling for more transparency and utility-driven developments in the ecosystem.

Amid this, renowned market experts have anticipated further declines in Pi Coin value, potentially setting the next target at $0.4.

Pi Network Price Slips 7%: Here’s All

Pi Coin value lost more than 8% today and was traded at $0.6155, falling from its 24-hour high of $0.6912.

Notably, the crypto has touched a low of $0.604 in the same time frame, and its trading volume soared 13% to $180 million.

In the weekly chart, the crypto has showcased a loss of over 21%, reflecting the gloomy sentiment hovering in the market over the past few days. However, despite the heavy loss, the overall return for May still stayed in the green.

Meanwhile, with the declining price, many are wondering if the crypto could witness a comeback to soar past its all-time high of $2.98.

Despite that, many in the community expect the decline to continue further, potentially driving Pi Network price down to $0.4. So, here we explore what experts are saying about the potential future movements of the Pi coin.

Is Pi Coin Value Poised for a Crash to $0.4?

The continuing dip in Pi Network price has continued to weigh on the investors’ sentiment. While the Pi Core Team has recently pushed a gaming-related ecosystem update, many believe it is not enough to revive the investors’ confidence in the asset or help in recovery.

For context, the analysts have highlighted that Pi Coin value is struggling to hold its $0.61 support. In a recent X post, expert MOON JEFF said that if Pi fails to maintain the $0.61 support, it might revisit its previous low of $0.4.

Meanwhile, this prediction comes in tandem with a prior forecast from Dr Altcoin. Recently, Dr Altcoin said that Pi recovery might not come until late August when the token unlock amount will be lower.

Furthermore, he urged the Pi Core Team to become more transparent about the ecosystem development and token utility to help regain investors’ confidence. Echoing a similar sentiment, the community group The Times of PiNetwork also spoke against the recent performance of the token.

In a recent X post, the account of the token could be falling because “Utility is the real power, not just the token.”

Pi Network Price Dips Amid Token Unlock Woes

Another reason for the ongoing Pi Network price dip could be the looming token unlocks. According to PiScan data, a total of 274.4 million Pi Coins are scheduled to unlock in June, valued at around $169.4 million at the current price.

However, the unlocks will be low from August 2024. In August, the total Pi unlock will be 132.5 million tokens, worth $81 million. Having said that, the market pundits are hopeful about a potential Pi Coin recovery starting from August.

The post Pi Network Price Risks Falling to $0.4: What Lies Ahead for Pi Coin? appeared first on The Coin Republic.