Pi Coin (PICO) drops 30% this week, struggling to stay among top 30 cryptocurrencies.

Pi Coin, once close to becoming a top 10 altcoin, now, it is struggling to stay within the top 30.

Pi Coin, the cryptocurrency developed by Pi Network, has been struggling to stay afloat in the crypto market. The token is currently trading at $0.77, down 29% over the past seven days and 71% from its 52-week highs of $2.7. It has also dropped by 24% in the past 24 hours, further highlighting the token's downward pressure.

However, despite the token's struggles, crypto analysts believe that Pi Coin could find support at $0.6, as it is the last major support level before a deeper decline. This adds to the growing uncertainty surrounding the token, especially since many investors were expecting a strong price rally for the token.

The token unlocks will also add to the selling pressure on Pi Coin. According to data from PiScan, over 105.96 million Pi Coins, valued at approximately $85 million, will enter the market in the next 30 days.

The biggest one-day unlock will occur on April 3, when 6.8 million tokens will be released. Over the next year, a total of 1.6 billion Pi Coins will be unlocked, which could put more pressure on the token's price.

Another issue that could affect sentiment is the lack of a Binance listing for Pi Coin. Many Pi Coin holders anticipated the token's listing after a community vote in February showed 87.1% approval for the token to be listed on the exchange.

However, Binance has yet to confirm any listing plans for the token, which has disappointed investors and contributed to the uncertainty surrounding Pi Coin. This uncertainty has led to increased panic selling, further dragging the price of the token down.

However, crypto trader Coinvo believes that Pi Coin's recent drop could be an ideal entry point for investors. He observed that the "Pi RSI divergence" is indicating a strong buy signal, suggesting that a rebound might be imminent.