Pi Network (PI) Price Drops Below $1 as Token Unlocks Loom

The Pi Network price has continued its downward trend, dropping by more than 6% to trade at $0.9432.

The Pi Network price has continued its downward trend, dropping by more than 6% to trade at $0.9432. The cryptocurrency briefly lost its $1 support level, touching a 24-hour low of $0.9109. Trading volume has increased by 12% to $284.36 million in the last day.

Crucially, the digital asset has now lost about 66% of its value from the peak of $2.98 reached after its mainnet launch.

Technical Analysis: Bearish Signals Prevail

On the 4-hour chart, the price has fallen below both the 50-period and 25-period moving averages, signaling bearish momentum.

The MACD indicator has crossed to the downside, further confirming the sellers’ dominance. Additionally, the Percentage Price Oscillator is deep in oversold territory, suggesting that the price may be due for a bounce.

However, despite this technical factor, there hasn't been any indication of a bottom formation yet.

Lack of Positive Catalysts Weighs on Sentiment

The lack of positive catalysts has put pressure on the cryptocurrency. Reports of a potential Binance listing have not been confirmed, reducing investor confidence in the short-term outlook for the token.

This lack of a major exchange listing has limited trading volume and visibility for the cryptocurrency.

The Pi Core Team has also not made any major announcements or updates that could influence market sentiment at this critical time.

Upcoming Token Unlocks

A key factor that could affect the price is the scheduled token unlocks. According to PiScan data, about 97.65 million Pi coins, valued at approximately $93 million at current prices, will be unlocked in the next 30 days.

These unlocks average around 3.25 million tokens daily, with the largest single unlock releasing about 6.8 million Pi coins on April 3.

Looking further ahead, April will see 115.57 million tokens unlocked, followed by May with 182 million and June with 222 million.

However, there is some positive news regarding the unlock rate, which is expected to drop from 13 million PI per day to just 3.8 million. This reduction could help ease some of the selling pressure that has been affecting the price.

The total circulating supply was recently reduced to 6.77 billion following the removal of 10 million coins, an adjustment that has raised questions among investors about supply management.