Pi Coin Plummets, Experiencing 54% Decline in 4 Weeks Due to Geopolitical Tensions and Token Unlock Pressure
Pi Coin (PI) has been experiencing a sharp price decline, spreading investor concerns. As of June 13, the Pi Coin price dropped to a daily low of $0.40 before recovering and trading in the $0.54-$0.56 range. This represents approximately an 11% decline from the previous day, with a cumulative decline of about 54% over the past month.
Geopolitical Tensions and Technical Weakness Drive Decline
The sharp decline is primarily attributed to geopolitical tensions triggered by Israel's attack on Iran and the overall cryptocurrency market downturn. Technical sell signals have further accelerated the price drop.
The 24-hour trading volume increased by approximately 276% to $223.64 million compared to the previous day. This suggests aggressive selling and increased volatility, raising investor caution.
Technically, it is trading below key short-term and medium-term moving averages (EMA, SMA), and both MACD and momentum indicators suggest downward pressure. The RSI is near 32, indicating an oversold condition with potential for a short-term rebound, but the overall market sentiment remains weak. Key support levels are at $0.51 and $0.45, with resistance levels at $0.57 and $0.61 during a potential rebound.
Mainnet Delay and Ecosystem Uncertainty
Negative factors are also continuing within the project. Pi Network is experiencing technical issues during the mainnet transition, with delays in Pi mapping migration in Chinese-speaking regions negatively impacting market sentiment.
Additionally, large-scale token unlock schedules are adding short-term price pressure. Over 340 million PI tokens are set to be released to the market on June 18, 26, and July 5 and 7, potentially leading to profit-taking by long-term holders.
Community Expectations and Future Schedule
The Pi Network community is focusing on the 'Pi2Day' event scheduled for June 28. The core team is expected to provide updates on Global Consensus Value (GCV) and specific announcements regarding the mainnet launch.
If a detailed roadmap for future technological development and ecosystem is presented, it may partially restore investor confidence. However, current indicators all show weakness, requiring a cautious approach.
Currently, Pi Coin's circulating supply is approximately 7.442 billion, with a fully diluted market cap of about $5.587 billion and a current market cap of $4.16 billion. The price recovery depends on mainnet progress and supply-demand balance.
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