Pi (PI) Price Prediction: Will the Pi Network Coin Price Rise or Fall?

Market conditions have not been favorable for Pi crypto price, as investors remain cautious amid broader economic uncertainties.

Cryptocurrency market conditions have not been favorable for Pi (CRYPTO:PI) crypto price in recent times, leaving investors pessimistic.

Also, the lack of significant catalysts to drive buying pressure has left Pi Coin price vulnerable to further declines. Unless a shift in sentiment occurs, the cryptocurrency value could continue its downward trajectory in the short term.

A major factor that could fuel further declines in Pi crypto value is the upcoming release of 129 million tokens, valued at approximately $140.61 million. These tokens are set to be unlocked and released into circulation shortly.

Historically, large token unlock events increase supply, putting downward pressure on prices as traders attempt to sell at higher levels. As traders brace for this influx, the probability of PI Coin price dropping below $1 becomes more prominent.

This token release comes at a time when the Pi Network market is already facing challenges, such as liquidity concerns and a lack of strong demand, which could lead to further selling pressure.

"With this token batch set to unlock shortly, the probability of seeing PI Coin price drop below $1 becomes prominent. The crypto market is faced with several challenges, including liquidity concerns and a lack of strong demand for new projects. This lack of demand is evident in the sustained selling pressure that we've seen in recent months, making it difficult for coins to recover and leading to a bearish market sentiment. In the short term, unless there is a shift in sentiment or a strong catalyst emerges to drive buying pressure, we could continue seeing coins like Pi move lower as selling prevails," warns Ben Armstrong, crypto analyst at Bitcoins Bank.

Furthermore, Hopes of Binance Listing Fading?

Despite an 86% vote in favor of a Pi Network Binance (CRYPTO:BNB) listing by the exchange's community, Binance has yet to confirm whether it will support PI Coin trade.

This silence has fueled uncertainty among investors, who are keen to learn about the exchange's decision and what it holds for the project's future. A Binance listing could inject fresh liquidity and confidence into Pi Coin, but the lack of an official announcement has contributed to the coin's recent slump.

Coinbase hints at a possible Pi Coin listing, while Binance remains silent. Is there a slight possibility of a surprise move by Binance to list Pi Network?

— WhyPiNetwork (@WhyPiNetwork) August 24, 2023

Without a listing on a major exchange, Pi Coin buy options remain limited, reducing the token's accessibility to a broader audience. Investors had hoped that a Pi Coin exchange on Binance would provide a much-needed boost in trading volume and market confidence. However, without confirmation from Binance, the situation remains bleak, leaving Pi Network sell sentiment dominant.

This Point Could Be Critical For The Price Of PI

PI’s price has broken below the lower Bollinger Band at $1.12, which could indicate continued bearish momentum. The Relative Strength Index (RSI) remains low, suggesting that while selling pressure is dominant, a potential bounce-back could occur if buyers step in.

If PI fails to hold above $1.05, a drop below $1 becomes increasingly likely. To reverse the bearish trend, PI would need a significant uptick in demand.

If PI manages to reclaim $1.23, it could set the stage for further gains, with resistance levels at $1.36 and $1.60. On the downside, failure to maintain support could push PI into further decline, raising concerns over the sustainability of its market position.

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