The Pi Coin price and trading activity have dwindled in the days following “Pi Day,” an event where the Core Team unveiled several ecosystem updates.
According to CoinMarketCap, Pi’s 8-day trading volume has fallen below $100 million — with just $46 million exchanged on Sunday alone.
This steady decline in interest suggests weakening momentum, supporting a bearish Pi Coin price prediction for the near term.
Daily token unlocks for Pi will remain quite high until July 10, meaning that the selling pressure could accelerate this week until the rate at which the token’s supply is increasing decelerates.
On this date, 14.6 million tokens will be released to the market. A day after, that figure will drop to 10.6 million and will progressively decline to just 4 million by August 4.
This reduced selling pressure could help cushion the impact of further declines.
Pi Coin Price Prediction: Pi Breaks Below Key Support and Could Retest Its All-Time Low
Pi’s 4-hour chart shows a bearish breakout off a key support level at $0.475 that could anticipate an upcoming retest of the token’s all-time low of $0.40.
During Pi Day, the Core Team launched a controversial zero-reward staking program through which users can rate their favorite Pi ecosystem apps without receiving any benefits for doing so.
This is probably an unheard proposal in the crypto ecosystem, as staking mechanisms always offer a reward for investors in exchange for helping secure a network or reduce a token’s circulating supply.
Looking at technical indicators, the Relative Strength Index (RSI) is still below 50 and heading downwards after retesting and rejecting a move above $0.475. This failed retest favors a bearish Pi Coin price prediction and increases the odds of a move 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.
