Pi Network’s Token PI Loses 50% Value Amid Volatility Concerns
The native token of Pi Network, PI, is trading at approximately $0.61, having decreased nearly 50% in the past month and down 80% from its yearly highs. Concerns arise from allegations by crypto analyst Dr. Altcoin regarding the manipulation of accounts on Banxa, where multiple accounts are reportedly being created with a uniform balance of 0.98 PI.
- Potential wash trading or coordinated dumping could be emerging.
- Whale wallets have withdrawn 6 million PI tokens from exchanges in 48 hours, raising speculation about a pump and dump scheme.
- A DappRadar report indicates a 66% decrease in rug pulls year-on-year, but the severity of incidents has increased.
PI Price Outlook
- The token broke down from a rising wedge pattern, indicating potential further declines to $0.44–$0.45.
- RSI is currently at 37.8, suggesting weak momentum.
- Bollinger Bands indicate a potential breakout if the price rises above $0.63, possibly targeting $0.70–$0.80 resistance.
- Daily unlocks of 5 to 6 million tokens throughout the month exert additional supply-side pressure.
- A breakdown below $0.56 may lead to a retest of $0.50.
Despite bearish indicators, some analysts suggest a possible surge to $5 for PI.