Pi Coin Struggles to Hold Ground in the Market

The Pi Coin continues to face difficulties in establishing a stable presence. After failing to rise above $3, the price has once again plummeted sharply.

Pi Coin has been struggling to gain a foothold in the market. After failing to rise above $3, the price has once again dropped sharply. The cryptocurrency recently hit $1.67 before falling back to around $0.77 at the time of writing.

At its launch, the altcoin started at $3 but quickly fell to $0.60 on the same day. It then managed to climb back to $3 within 34 days. However, this rapid increase brought significant selling pressure. Early investors took their profits. Many saw $3 as a good exit point, especially after a drop of over 80% previously.

On the other hand, if the crypto manages to break above the key resistance levels at $0.94, $1.20, and $1.66, the final short-term bullish target could be reached at $3.00.

Critical support is at $0.65 – if the price falls below this level, it could open the door for further declines.

To worsen matters, a large number of Pi tokens are scheduled to be unlocked in the coming days, which could bring further selling pressure.

These significant unlockings could put additional pressure on prices as the newly available tokens could be massively sold on the market.

According to analyst Kim Wong, there are now more than 100 decentralized applications (DApps) based on Pi, some already operating on the Mainnet, others in the testing phase, and others still under development.

Moreover, the recent launch of a $100 million investment fund should foster Pi ecosystem growth.

As new applications are deployed and adoption accelerates worldwide, the long-term potential of Pi continues to look promising.

The network now boasts over 70 million users globally, including 20 million KYC-verified users and 4.3 million Twitter followers. Pi Coin is also listed on several exchange platforms and ranks 26th in terms of market capitalization among all cryptocurrencies.

While the Pi Network ecosystem continues to develop promisingly, the upcoming massive token unlockings could exert significant bearish pressure on Pi Coin’s price in the weeks ahead.

Investors are advised to exercise caution and closely monitor price developments in the days to come.

With the right applications and increasing adoption, Pi’s long-term potential remains promising, but the next steps will be crucial in determining the future trajectory of this cryptocurrency.