The Pi Network (Pi Coin), which is the largest crypto according to the market value, is not foreign to fluctuation. Recently, the token price fell by 10 percent and upset its investors. Many investors are wondering if this is a purchase opportunity or a warning sign to stay away.
Big Pi Coin outputs increase concerns!
The last decline in Pi Coin’s price was due to a correction in the global crypto market with Bitcoin’s sharp fall to $ 80,000. Perhaps many people in the Pi community believe that this is not the only reason behind the price drop.
Some traders suspect that a large output from the Pi Core Team (PCT) wallet plays a role in the decline. On March 7, approximately 90 million pi token moved from the wallet, followed by 36.4 million tokens the next day. Since this movement took place at the same time with the decrease in the price, the team caused speculation that the team may be selling tokens.
Upcoming token openings
When we look forward, the Pi Network is preparing to unlock a significant number of toks for next month. The largest locks are planned to be opened on March 17 and 21 March, while more than 23 million Pi Coin will be released in each of these days.
In total, approximately 282 million Pi Token, worth approximately 390.93 million dollars in the next 30 days, will be opened. This increase in supply can make it difficult for the price to recover in the short term by creating sales pressure.
The basic resistance level to be followed for Pi Coin
According to analysts, despite the recent decline, technical indicators point to a possible recovery. Market analyst Rose stressed that Pi Coin is currently consolidated and tested an important Fibonacci withdrawal level. If it rises above $ 2, the rise may be reversed.
The first resistance levels to be watched is between $ 2 and $ 2.60. If Pi Coin manages to rise on this range, it can move to $ 3.00 and eventually for $ 3.60. However, a strong purchase momentum will be needed to happen. As of now, the Pi Coin price is around $ 1.4 and reflects the decrease of 10 %in the last 24 hours. The Pi Network market value fell to approximately $ 10 billion.
