Pi Network Falls 8% Amid Bitcoin Surge and Upcoming Token Unlock
As Bitcoin surpassed $107,000, most altcoins gained, while Pi Network dropped 8% to approximately $0.5622 after a 38% rise earlier in the week.
- The decline followed speculation regarding AI integration and hype around the upcoming Pi2Day event.
- A token unlock in July could add 274 million PI to circulation, affecting market sentiment.
- Currently, around 680 million Picoins are in circulation, with 2.6 billion from the first migration still locked.
- Optimism remains for Pi2Day on June 28, fueled by rumors of a potential AI partnership with Google.
- Social media activity has increased due to hints of significant announcements related to Pi Network.
Technical Analysis
PI's 4-hour chart indicates an ascending triangle pattern, suggesting bullish continuation. Key details include:
- Support at the 0.382 Fibonacci level around $0.5265 has held during recent corrections.
- Breaking above resistance near $0.66 could target prices around $0.75 and potentially $0.84.
- The RSI remains stable, indicating consolidation rather than a downturn.
PI forms an ascending triangle | Source: TradingView