Pi Network price declined 3.80% to $0.0829 in the past 24 hours, extending its broader monthly downtrend. The token has fallen by almost 30% in the past month, indicating a long-term selling pressure. Pi is currently trading at a level slightly higher than its July 14 all-time low of $0.07072, a recovery of 17%.
The wider crypto market also weakened, falling 0.94% to $2.19 trillion. Coinglass reported 83,203 liquidations totaling $301.33 million during the same period. According to SoSoValue data, Bitcoin ETF outflows was recorded at 225.2 million and Ethereum ETFs was at 26.3 million.
Bitcoin priced in the range of around $64,000, and Ethereum traded at over $1,850. Pi encountered the $0.10 resistance which indicated further bearish domination before the unlocking of tokens.
Network Token Unlocks Reach 127.5 Million Pi Over 30 Days
Pi Network price was scheduled to release 127.50 million Pi tokens over 30 days, according to data updated June 15.
The figure was 2.06% of the 6.19 billion Pi in the tracked locked balances in the network. The scheduled releases had a value of about $10.65 million at the valuation shown.
The tracker estimated 4.25 million Pi unlocked per day at a value of some 355,007. The volume of daily volumes was different over the period and the number of sessions was likely to be over six million tokens.
The biggest release would be on June 25, as an estimated 7.45 million Pi would be released. The unlock of that day was valued at an estimated amount of $622,276 as per the dashboard value.
The timing raised the level of Pi that holders would have during the tracking period. Unlocked tokens however do not automatically get into exchanges and give an immediate selling pressure.
How Low Will Pi Network Price Go?
As of the reporting, the Pi network price traded at $0.08348, gaining 0.82% during the latest four-hour period.
The Relative Strength Index is at 34.46, which indicates Pi is near the oversold region. The MACD line is still lower than the signal line, with the histogram being negative.
The nearest resistance is in the region of $0.090 which held the Pi coin long-range prediction before the recent breakout. Any recovery beyond this may result in another test of the upper limit of the channel around $0.095. Stronger buying would then place the major $0.10 resistance back within reach.
Nonetheless, a further decline may bring Pi Network prices to the lower end of the channel at approximately $0.078 to $0.075. Any slip below this area would reveal the large horizontal support area at and around $0.070. The buyers resisted that region when the fall was registered in mid-July.
