Pi Coin Price Forecast: Daily Trading Volume Falls Under $100M – Are Large Holders Exiting Permanently?

The price of Pi Coin and its trading activity have decreased in the days following “Pi Day,” an occasion during which the Core Team revealed multiple updates to the ecosystem.

As reported by CoinMarketCap, the trading volume for Pi over the past eight days has dropped below $100 million, with only $46 million traded on Sunday.

This consistent decline in interest indicates diminishing momentum, reinforcing a bearish outlook for the Pi Coin price in the short term.

Daily token unlocks for Pi will remain significantly elevated until July 10, suggesting that selling pressure may intensify this week until the rate of increase in the token’s supply slows down.

On that date, 14.6 million tokens will be introduced to the market. The following day, that number will decrease to 10.6 million and will gradually fall to just 4 million by August 4.

This diminished selling pressure could help mitigate the effects of further declines.

Pi Coin Price Prediction: Pi Falls Below Critical Support and May Retest Its All-Time Low

Pi’s 4-hour chart indicates a bearish breakout from a crucial support level at $0.475, which may signal an impending retest of the token’s all-time low of $0.40.

During Pi Day, the Core Team introduced a contentious zero-reward staking program that allows users to evaluate their preferred Pi ecosystem applications without receiving any rewards for their participation.

This proposal is likely unprecedented in the crypto space, as staking mechanisms typically provide rewards to investors in exchange for contributing to network security or reducing a token’s circulating supply.

Examining technical indicators, the Relative Strength Index (RSI) remains below 50 and is trending downward after a failed attempt to surpass $0.475. This unsuccessful retest supports a bearish outlook for the Pi Coin price and raises the likelihood of a decline to $0.40.

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The post Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good? appeared first on Cryptonews.