Pi Network coin price has registered an eighth successive daily loss on Monday, precariously hanging above the $0.600 support mark. The coin traded at $0.635 at the time of writing, with its weekly losses nearing 20%. Consequently, it trades below key moving averages on the daily chart, including the 90, 20 and 50 EMA levels. The weak momentum has injected a bearish sentiment in the market amid a massive token unlocking.
Why Is Pi Network Coin Failing?
On a positive side, Pi community members have reported getting updates on additional migration stages on their Pi app, raising hope of an uptick in migration to the mainnet. That said, Pi Network Coin price recovery is currently hinged on external factors, primarily listing by top-tier exchanges. Binance’s reluctance to list the coin has not only limited its market reach, but also fanned doubts on the project’s decentralisation and transparency.
In addition, the Pi Network has failed to attract developers, limiting Pi coin’s utility. However, the recent launch of Pi Network Ventures has availed $100 million to be used to incentivize real-world utility and production on the Pi ecosystem. Nonetheless, that could take several weeks to gain traction, leaving Pi Network price susceptible to near-term pressures. The coin’s trading volume rose by 40% in the last 24 hours, underlining the rising selling pressure.
Pi Network Coin Price Prediction
Pi Network coin momentum calls for a continuation of the downward momentum below $0.639. The coin will likely find the first support at $0.631. However, an extended control by the sellers will break below that level and potentially send the price lower to test $0.626.
Conversely, going above $0.639 will signal the onset of bullish control. That will likely see the first resistance established at $0.643. Breaking above that level will invalidate the downside narrative, and the resulting momentum could potentially push the price higher to test $0.648.
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