- The excitement around the upcoming PI2DAY has been tipped to force a bullish reversal of the price of Pi to at least $1.2 despite the ongoing bearish trend.
- Investors have also been warned to take a cautious approach as the upcoming token unlocks could cause a decline.
Pi Network (Pi) is still struggling, printing losses on its 24-hour and seven-day price charts, declining by 0.24% and 8%, respectively. According to our market data, the asset has been moving within the $0.73 and $0.76 range on the daily chart.
Also, traders’ interest seems to have declined as the 24-hour trading volume fell by 19% to $97 million. Above all, things could actually turn from bad to worse as 276 million PI is set to be unlocked in June, as discussed earlier.
For now, 14 million tokens will be released into circulation on May 28 and could mount more selling pressure on the price. In just a week, 70 million Pi ($53 million) was unlocked. According to the team, 1.57 billion tokens would be unlocked in the next 12 months.
Explaining the implications, CNF highlighted in recent news coverage that the price could be forced down to $0.5545. Already, a bearish flag pattern is reported to be forming on the eight-hour chart.
To escape these liquidations, a whale is reported to have been offloading a huge portion of the asset for the past few weeks.
According to our recent update, the wallet linked to this transaction received 2,000,001 Pi from the Pi Foundation four years ago. Fascinatingly, an amount of 707,667.51 PI was moved in two batches by this wallet to a second wallet address ending “LKOULB”.
Pi Foundation Heavily Criticized, Price to Bounce Back?
The Pi Foundation has also been severely criticized after announcing the creation of a $100 million venture capital fund meant to support startups. As detailed in our previous news article, an analyst identified as Dr. Altcoin believes that this development is a complete disappointment.
Today the Pi Core Team announcement about Pi Network Ventures is nothing short of a betrayal to the Pioneer community, the very people who built this project from the ground up over the past six years.
Regardless of these bearish moves, investors could finally smile in the coming month amidst the much-anticipated event dubbed PI2DAY. This name is reported to represent the number 6.28 (June 28) and was obtained by multiplying Pi (3.14) by 2. The PI2DAY is reported to be celebrated every June 28. Basically, several groundbreaking ecosystem updates are announced by the development team on this day.
On the PI2DAY held last year, multiple updates, including the progress made in the Open Network conditions, were announced. Before this event, analysts believe that the price could first react negatively to some of the expected supply spikes before embarking on a bullish run that could send the price to at least $1.2.
Rumours are circulating about the Pi team adding solid utility to the project, and if true, this could be the catalyst for a surge to $1.2-1.5 or higher.
Meanwhile, this analysis also aligns with a recent $1 prediction indicated in a CNF post.
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