Pi Network Coin Price Fights Off Millions of Unlocked Tokens. Buy or Dump?

Summary:
• Pi Network Coin price has held on above $0.600 despite multi-million token unlocks in April. But is that reason enough to buy Pi?

The price of Pi Network Coin has returned to the upside after two days in the red. The coin was up by 1.3% on the daily chart and traded at $0.641 at press time, on the day when market bellwether, Bitcoin, retested the $90k mark for the first time in seven weeks.

Despite the broader crypto market signaling recovery in the last week, Pi coin price has been sending mixed signals, registering three loss-making days during that period. As a result, the coin is down by 13.53% on the weekly chart. For context, Bitcoin has gained 6.5% in that period, underlining Pi coin’s divergence from the market leader.

Why is Pi Coin Struggling and What’s the Way Out?

Pi Network Coin upside has been partly surprised by the substantial token unlock that has been ongoing. An additional 4.9 million Pi coins are set to enter circulation today, adding more coins to the market and diluting the upward momentum. However, the coin’s ability to hold above $0.60, is an impressive fete for the coin in light of the millions of coins being unlocked daily in April.

The downside to the Pi Network project outlook is the lack of transparency in sharing information on its developmental milestones. Since the open mainnet launch, the Pi Core Team has not revealed crucial information on the status of the 100 apps that were supposed to be launched, there has been no indication of time allocated for transfer of coins due to KYC validators and neither have they indicated when the second migration will take place.

However, the project’s developers, including Founder, Nicolas Kakkalis will be at the Consensus 2025 event in Toronto. Scheduled for May 14-16, the event is one of the biggest blockchain events in the world, with over 20,000 attendees from over 100 countries expected. Kakkalis will be a keynote speaker and his statement could inject fresh impetus into Pi Network Coin price.

Pi Network Coin Price Prediction

Pi Coin price pivot mark is at $0.632 and the momentum favours the upside if action stays above that level . The bulls will likely meet initial resistance at $0.652 . Breaking above that level will indicate a strong upward push that could head to the second barrier at $0.672.

Conversely, moving below $0.632 will shift the momentum to the downside. That will likely see the first support established at $0.612 . Breaking below that level will invalidate the upside narrative. Meanwhile, the resulting momentum could extend the downside to test $0.600.