Pi Network coin price has returned to the upside after two successive sharp declines that sent it down by nearly 20%. The coin trades at $0.606 as of this writing, having gained 0.4% in the last 24 hours. The momentum on Pi signals a likely continuation of the downward action, with the daily RSI reading at 40. In addition, it trades below the 20 and 50 Exponential Moving Average (EMA) level on the daily chart, adding credence to the downward narrative.
A major obstacle for Pi Network coin is its diminished reputation due to a perceived lack of transparency. In addition, the network will unlock between 5 to 6 million tokens each day in April, which could dilute the marginal gains recorded in recent days. There are concerns that what became of Mantra Coin (OM) could befall $Pi due to the lack of transparency.
Many leading exchanges like Binance and Bybit have been reluctant to list Pi Network coin due to restricted access to audit of its treasury. In addition, the development team currently holds 67 billion tokens out of the 100 billion total supply, raising questions on its integrity and decentralisation claims.
In addition, the Pi Network development team has not announced any significant upgrades on the Network since the Open Mainnet went live. That has drained the excitement out of the project and will likely add downward pressure on Pi Network coin price in the medium and long term if the trend continues.
Pi Network Coin Price Prediction
Pi Network Coin price pivot mark is at $0.607 and the momentum calls for further upside above that mark. The coin will likely meet initial resistance at $0.610. A stronger momentum will break above that level and wil likely encounter the second resistance at $0.615.
Conversely, breaking below $0.607 will shift the momentum to the downside. In that case, the coin will likely find primary support at $0.604. However, a stronger momentum will break below that level, invalidating the upside narrative and potentially going lower to test $0.600.
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