Pi Network coin (PI) has performed poorly in the past month, with losses of 32.4% after it broke below its critical support of $0.60.
The community has been disappointed by a lack of updates and further ecosystem growth initiatives from the Pi Core Team since the launch of the public mainnet.
Even the most die-hard supporters have emphasized that Pi could continue to drop to $0.40 unless the developing team makes some sort of positive announcement during a widely awaited event called Two-Pi Day or “Tau Day” that is scheduled to take place on June 28.
During this event, the team could unveil its latest efforts to further expand the Pi Network ecosystem.
Data from PiScan shows that 263 million Pi tokens worth approximately $143 million will be unlocked this month. This is the highest monthly volume that will be added to Pi’s supply until September 2027 when another 310 million tokens will be released.
Apart from the downtrend caused by rising tensions in the Middle East, this could also be one of the causes why Pi has declined so sharply lately.
Despite this recent weakness, the community still believes that some solid announcements on Pi Day could favor a bullish Pi price forecast.
Pi Coin Price Prediction: Pi Could Rise to $0.60 If This Happens
Pi has already hit a key resistance in the past few hours at around $0.55. This is the most critical resistance to watch for the token as a break above would confirm an upcoming push to $0.57 in the near term.
The 9-period exponential moving average (EMA) has jumped above its 21-period peer. This is a buy signal known as a ‘golden cross’ that confirms a change in momentum and in the direction of the price trend.
Next up, the $0.57 level will be the key resistance to overcome for bulls and this is an area of confluence where the 200-period EMA stands as well. If Pi breaks above this level, it would favor a bullish Pi Coin price prediction that sees the token rising to $0.60.
Meanwhile, any big announcement on Pi Day could cause the token to rise to at least $1 per coin as the community will be expecting a significant move if the team shares some exciting news.
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