Pi Network price has recorded a significant decline today, losing more than 12% in the daily chart, amid a broader crypto market downturn. This has sparked discussions in the broader crypto market over the potential reasons behind the recent retreat in the asset. Amid this, a top expert has highlighted the key price levels for PI Coin, which might decide the future trajectory of the token.
Pi Network Price Slips: What Lies Ahead?
Pi Network value today was down nearly 12% and exchanged hands at $1.39, while its one-day trading volume rocketed 104% to $977.58 million. Notably, the crypto has touched a low of $1.25 and a high of $1.59 in the last 24 hours. This recent decline could be due to the massive selloff recorded in the broader crypto market today.
Why Is The Crypto Falling Today?
The global crypto market stayed in the red today, indicating the cautious stance of investors. It appears that investors are taking a pause ahead of the US CPI data release later this week for cues on the inflationary pressures.
Besides, recent reports indicate that the broader market may face more volatility ahead this week. A recent report from CoinGape showed that Bitcoin price risks falling to $75K during the US CPI release this week, indicating the waning risk-bet appetite of the investors.
Pi Network Sell-Off Sparks Speculation
The sudden drop in Pi Network price has led to speculation about the cause of the decline. Some market participants pointed to a massive outflow from the Pi Core Team (PCT) Wallet as a potential trigger.
Crypto enthusiast Dr. Altcoin noted that nearly 90 million Pi tokens moved out of the Core Team Wallet on March 7, followed by another 36.4 million tokens the next day. This large-scale movement coincided with Pi’s price decline, leading to speculation about a sell-off by the team.
However, PiScan, a blockchain tracking platform, dismissed these concerns. They clarified that the majority of outflows were routine distributions to users and had varying lock-up periods. “These outflows are not related to the recent price decline,” PiScan stated, urging traders to look at broader market factors.
Pi Token Unlock Looms
PiScan data showed that massive Pi Network unlocks loom over the next 30 days. The highest unlocks are scheduled for March 17 and March 21, with more than 23 million PI scheduled to get unlocked each day.
Besides, a total worth of 282 million tokens, worth $390.93 million at the current price, are scheduled to come on the market over the next 30 days. This massive increase in supply could trigger selling pressure in the market, further dragging down the asset’s price.
Can Pi Coin Hit $3.5?
Pi Coin price is consolidating around the crucial $1.05 support zone. According to market analyst Rose Premium Signals, this level is vital for a potential bullish reversal. The expert highlighted that Pi is currently testing a key Fibonacci retracement level, indicating the possibility of a rebound.
Rose further outlined potential price targets for the token if it holds its ground. The first resistance lies between $2.40 and $2.60, aligning with the 0.618 Fibonacci level. If Pi Network manages to break above this zone, the next price targets would be $3.00 and eventually $3.60.
Source: Rose Premium Signals, X
“A strong bounce from support could confirm a bullish continuation,” Rose stated, suggesting that traders should closely monitor this level for signs of recovery. Besides, the Pi also started getting recognition in the real-estate sector, which might further boost its appeal to investors. Recently real estate firm Zito Realty LLC started accepting PI as a payment option.
Having said that, the future of the asset looks promising. Besides, with Pi Day (March 14) around the corner, the market participants are anticipating more positive updates on the project, which might help gains in the asset.
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