Pi Coin Price Slips Amid Crypto Market Crash – Analysis Predicts A Recovery Ahead

Highlights
- Pi Coin price has crashed today as the broader crypto market reverses its recent gains.
- It has dropped because of the ongoing token unlocks and centralization concerns.
- Technicals like falling wedge and double bottom point to an eventual comeback.
Pi Coin price has dropped by 3.9% today, July 15, as the broader crypto market crashes with Bitcoin (BTC) falling to $117,000. The recent dip has brought PI’s monthly decline to 28%, but signs have now emerged suggesting that a recovery is looming.
Pi Coin Price Crashes Alongside Broader Market
The Pi Coin price has remained under pressure this month despite the crypto rally that pushed the total market capitalization of all over $3.68 trillion. This performance is likely because of the ongoing token unlocks that are boosting the supply daily. Bears are also tightening their grip as the broader market trend reverses, with Bitcoin price falling today.
PiScan data shows that the network will unlock over 145 million tokens worth $67 million in the remaining part of the month. It will then unlock 138.5 million tokens in August, 117 million in September, and 93 million in October.
Further, the Pi Coin price has slumped as investors continued moving their tokens from exchanges. Exchange outflows jumped by over 1.4 million tokens in the last 24 hours.
Investors move their tokens from exchanges when they are selling them. This, in turn, leads to more selling pressure at a time when the supply from token unlocks is on an upward trajectory.
There are also concerns about Pi Network’s centralization, as the Pi Foundation has a lot of power. Its wallets hold tokens worth over $33 billion, without any auditing. This centralization partially explains why many mainstream exchanges like Binance and Upbit have yet to list it.
Pi’s trading volume has also been low during this bull run. It had a 24-hour volume of $80 million, lower than other popular coins like Pepe, Shiba Inu, and Bonk.
Pi Network Price Technicals Point to a Surge Soon
The ongoing Pi Coin price crash could be the calm before the storm that could lead to a surge even as the broader market drops. Its volume and volatility have plunged in the past few months. Falling volume and volatility is often a sign of slow accumulation.
The accumulation phase of the Wyckoff Theory then leads to a strong surge when it enters the markup phase. The markup phase is characterized by higher demand than supply.
Pi coin price has formed a double-bottom pattern at $0.4056 and the neckline at $1.6664, its highest point in May. Similarly, the token has formed a falling wedge chart pattern, a popular bullish reversal pattern. The two lines of the wedge are about to converge, which may lead to a breakout.
Further, the MACD indicator has formed a bullish divergence, a highly bullish pattern. Therefore, the token will likely have a bullish breakout to the key resistance point at $1. A move above that resistance point will signal more gains, potentially to $1.666.
On the flip side, a drop below the support at $0.4056, the double-bottom pattern, will invalidate the long-term bullish Pi Network forecast.
Frequently Asked Questions (FAQs)
1. Why has the Pi Coin price crashed in the past few weeks?
2. Will the Pi Network price rebound soon?
3. What is the next price target of the Pi token?
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