- Summary:
- Pi Network Coin has been on a long downtrend, losing in nine of the last ten days. We discuss the headwinds and potential for a reversal.
Pi Network Coin price was in the red once again on Saturday as it faced resistance at the psychological $1 mark. The coin was down by 1.1% and traded at $0.992 at the time of writing, taking its weekly losses to 35.5%. Pi coin price has registered negative results in nine of the last ten days, underlining a strong bearish sentiment.
As a result of its extended decline, Pi Network Coin price trades below key moving average levels, including the 10 Simple Moving Average (SMA) and 20 Exponential Moving Average (EMA) levels on the daily chart. That portrays a harsh verdict on the coin, considering that it is barely a month since it got listed after Open Mainnet launch.
Why Is Pi Coin Down?
One of the headwinds facing Pi Network Coin is the delayed listing on top-tier exchanges. The coin got off to a strong start after its initial listing on OKX, giving the crypto community hope that the likes of Binance would follow suit. However, that has taken long to transpire, adding downward pressure on the coin.
In addition, the last two weeks have seen speculation mounting over Pi Network’s burn mechanism. The coin’s original circulating supply was 7 billion tokens, but that figure has since declined to 6.84 billion.
However, while some of the coins have been removed from circulation as a result of burning transaction fees, there has not been an official communication on what became of the rest. That has left room for speculation that some investors might have lost their coins due to network migration issues. That has seen some investors sell their Pi.
Pi Coin Price Prediction
The momentum on Pi Coin favours the sellers to be in control if resistance persists at $1.025. That will likely see the first support come at $0.946. However, an extended control by the sellers will break below that level and could test the next support at $0.859.
Alternatively, the momentum will shift to the upside if the price breaks above $1.025. The upward movement will likely meet the first resistance at $1.117. Breaking above that level will invalidate the downside narrative, and such momentum could extend gains to test 1.201.
