- Summary:
- After being on a steep decline from a multiplicity of negative sentiments, Pi Network coin price has been consolidating recently.
Pi Network coin price continued with its resurgence on Friday, reaffirming its support at $0.600. The coin was up by 2.56% and traded at $0.605 at the time of writing staying in sync with the broader market recovery. Pi price action has been showing signs of consolidation in this week, signaling a weakening of the downside momentum. The ADX indicator reading is at 18, underlining a lack of a decisive directional momentum.
The Pi Network project has recently begun auctioning .pi domains, creating a new use case for the coin in the growing ecosystem. The domains give Pi community of users a new way to enhance their online presence and secure valuable digital assets. However, the negative sentiment created by the steep decline in Pi Network coin price could limit attractiveness of the domains, in the same fashion as .Eth domains.
Meanwhile, according to PiScan, 119 million Pi Network Coins are set to enter circulation in April. The massive token unlock will be in addition to 1.4 million tokens unlocked on April 11, and will add downward pressure on the PIUSD trading pair.
The upside propulsion on the price of Pi Coin will also be limited by the falling trading volume. According to CoinMarketCap data, the traded volume declined by 44.5% in the last 24 hours. That shows that traders are increasingly unwilling to buy Pi Coin as the price rises. A continuation of the trend will see Pi Network coin price trade downwards.
Pi Network Coin Price Prediction
The momentum on Pi coin price favours the buyers to be in control above $0.597. The upward momentum will likely meet initial resistance at $0.620. An extended control by the buyers will break above that level and the resulting momentum could test $0.647.
On the other hand, breaking below $0.597 will signal the onset of a downward momentum. In that case, Pi Network coin price will find its first support at $0.566, below which the upside narrative will be invalid. Also, a stronger downward momentum could take the action lower to test $0.540 in extension.
