Top Expert Dismisses Previous Claims of Pi Coin Price Decline

Pi Coin has rebounded today, up more than 5% at the time of writing, amidst restored market participant confidence. This has sparked discussions among Pi Community members, with analysts hinting at what's to come in the project. In addition, speculations are also increasing as Pi2Day approaches on June 28. Meanwhile, with heated discussions, a recent famous expert has refuted his previous claim that the price of Pi Network will drop below $0.4, attracting the attention of traders. Pi Coin price skyrockets ahead of Pi2Day The global cryptocurrency market has witnessed a more than 4% increase in market capitalization, reaching $3.25 trillion. This reflects growing confidence among traders in the digital asset space, with Bitcoin and most top altcoins recording significant gains. The price of Pi Network also seems to benefit from this new market interest in the cryptocurrency market. Notably, the price of Pi Coin has increased by about 5.5% at the time of writing and is trading at $0.5328. The notable thing is that this cryptocurrency has dropped below the short-term support level of $0.5 in the past 24 hours and touched a low of $0.4961. Its highest level in a day was recorded at $0.5415. Meanwhile, Pi Network has merged $0.47 and $0.79 into over the past 30 days. Despite a recent increase today, this cryptocurrency has lost over 30% on the monthly chart, while losing about 6% in the past seven days. Analyst Shares Optimistic Outlook on Pi Network In the context of the ongoing recovery, Dr. Altcoin seems to have regained confidence in this asset. Notably, he cited the Iran-Israel ceasefire update as a potential reason for the latest recovery. In addition, he also mentioned that the price of Pi Coin is unlikely to drop below the all-time low of $0.4, demonstrating his confidence in this asset. However, this latest statement contradicts his previous prediction, when he hinted that the cryptocurrency price could drop below $0.4 in August. In addition, he had previously predicted that Pi Network would maintain at $0.4 until the end of August, which has increased market concerns. Despite that, his recent comments have reinforced market confidence and shown his long-term faith in the asset. Unlock Pi Coin In Sight Altcoin doctor also noted that the price of Pi Coin may witness "organic price growth" from the end of August. He pointed out that the "onset of significant decrease" in the locked Pi supply will help increase the asset's price. To better understand, unlocking Pi Coin will start to decrease from August. In other words, the supply on the market will be lower from August, which may push the price higher. Meanwhile, a total of 274.1 million Pi Network tokens are expected to be unlocked in July, worth $145.81 million at the current price. On the other hand, the total number of coins to be unlocked in August will only be 132.5 million coins, worth $70.5 million.

Considering that, a lower supply could help increase asset prices, following the supply-demand mechanism. Additionally, the latest report has highlighted the increasing attractiveness of Pi Network among investors, while also hinting at a potential price increase to $5 or a new ATH soon.