After the seven -year development process, Pi Network is moving to its main network. However, before the launch, the price of Pi Coin lost 55 %to the level of $ 30, worrying investors. This increases speculation that a larger wave of sales may come with the main network opening.
Pi Network miners are expected to create sales pressure
One of the biggest risks for Pi Coin stands out as the great supply in the hands of miners who win the token in the early period. These users, who have been waiting for a long time, will have the opportunity to sell their Pi Tokens in the real market.
If a large section thinks that the price will swell speculatively during the launch, the price may fall rapidly due to surplus supply. In particular, the intensive sales pressure from miners may adversely affect the expectations of investors.
Market Movements and Technical Indicators
After the announcement of the main network of Pi Network, the price of Pi Coin rose from $ 49 to $ 92. However, this rise was short -term and the price was rapidly withdrawn.
In the technical analysis, going below $ 40, an important support level, indicates that the fall trend is strengthened. The relative power index (RSI) had recently entered the extreme purchase zone, but rapidly decreased in the last 24 hours. Such a RSI movement usually signals that the price can decline further.
Airdrop Effect: Is it a classic decline scenario?
In the crypto market, it is a well -known fact that token, which is released with AirDrop, is often faced with harsh sales pressure. Token, which are distributed free or low cost, is rapidly converted by investors to cash, as price drop is inevitable.
It is said that Pi Network can share a similar fate. Excess supply and early sales pressure can cause harsh retreats at the price. If sufficient receiver demand does not occur, the price may fall further.
Does Pi Network go below $ 30?
The Pi Coin IOUL price is currently traded at $ 32 and has a 57 %decrease in the last 24 hours. Previously, the $ 50 level has been working as a support, while the breaking of this barrier shows that the market has weakened.
If the $ 30 level is broken, the next strong support level for Pi Coin may be $ 17. In this case, the price decrease after the launch may deepen and investors holding Pi Coin in recent weeks may experience major losses.
