- Summary:
- Pi Coin price has come under immense pressure in the last five days, but the coin's key fundamentals could provide a pathway to a reversal.
Pi coin price traded downward for the fifth straight day on Monday as selling pressure on the coin continued to mount. Pi traded at $1.74 at the time of writing, down by 7.2%, to bring its weekly losses to 16.3%. The coin made its debut in the crypto market at $0.100, meaning that it is still up by more than 160%. However, it is still 42% below its record high price of $3 set a week ago.
The recent decline in Pi Coin price is attributed to whale dumping amid a delayed listing by Binance. Some analysts opine that the demand for Pi coin is currently subdued because its application-side utility has yet to take off. However, the delayed listing by Binance, the largest cryptocurrency exchange by volume, is a major contributor.
Binance held a voting session last week, during which 86% of its user community voted in favour of the exchange listing Pi. However, no word has been forthcoming from the Binance management since then. On the other hand, that scenario also denotes a potential reversal by Pi Coin price if the listing happens.
The Pi Core Team previously claimed that 27,000 merchants had accepted to adopt Pi Coin as a payment method. However, that is yet to be evident in the current market, where risk aversion is a key driver, amid uncertainty over escalating global trade tariff war.
Pi Coin Price Prediction
Pi Coin price pivot mark is at $1.81 and resistance at that level signals control by the sellers. The price action will likely go downward and find the first support at $1.65. However, a stronger momentum will break below that level and could potentially test the second support at $1.51.
Conversely, moving above $1.81 will favour the buyers to take control and head to the first resistance at $1.93. An extended control by the buyers will break above that level and invalidate the downside narrative. In addition, that momentum could result in further gains to test $2.09.
