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Pi Network price has remained under pressure this month as sentiment in the crypto market worsened and its token unlocks jumped. The token was trading at $0.2165 today, down by over 90 percent from its all-time high. This plunge has led to an over $18 billion wipeout.
The 12-hour timeframe chart shows that the Pi Network price has plunged since its mainnet launch in February. It surged to $1.67 in May after the team teased a major announcement, which turned to be the launch of the $100 million ecosystem fund. To date, the developers have not announced any recipient of these funds.
Pi Network price now remains below the 50-period Exponential Moving Average (EMA). That is a sign that bears remain in control for now. Notably, the spread of the three lines of the Bollinger Bands has widened, which is normally a sign of high volatility.
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The Relative Strength Index (RSI) has emerged from the oversold level and is now pointing upwards. It has jumped to 40, while the MACD indicator has remained below the zero line.
Therefore, the most likely Pi Network price forecast is bearish. There is a likelihood that it will plunge to the psychological level of $0.10, which is much lower than the current $0.2165.
However, there is always a risk for shorting a token like Pi Coin at its lowest levels. The first risk is that the coin is in the accumulation phase of the Wyckoff Theory, meaning that it may bounce back as it moves to the markup phase, which is characterized by more demand.
Second, Pi Network is only listed in a handful of crypto exchanges. As such, there is a limited room for the coin to be listed by one or more tier-1 or tier-2 exchanges, which would lead to more gains instantly.
Third, the team can listen to the community and make changes to the network, including implementing token burns, increasing decentralization, boosting its utility, and inking partnerships with companies in and out of the crypto industry. Such actions would likely push it to become a better alternative to Bitcoin and other cryptocurrencies and boost its price.
Pi Network can also become a victim of a rug pull as the developers did in May when they teased a major ecosystem news, leading to triple-digit gains.
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