Pi Network Faces Risk of Dropping to 0.4 USD: What Future Awaits Pi Coin?

Pi Network continues to fall over the past few days, dropping below the support level of $0.62 at the time of writing. Notably, this decline comes as the Pi Core Team faces backlash, with the community calling for greater transparency and utility-driven development within the ecosystem. In this context, renowned market experts have predicted that the value of Pi Coin will continue to fall, potentially aiming for the next target of $0.4. Pi Network price falls 7%: This is all The value of Pi Coin has lost more than 8% today and is trading at a support level of 0.6155 dollars, down from a 24-hour high of 0.6912 dollars. Notably, this cryptocurrency has reached a low of $0.604 during the same timeframe, and trading volume surged by 13% to $180 million. In the weekly chart, cryptocurrencies have shown a loss of more than 21%, reflecting the gloomy sentiment that has enveloped the market in recent days. However, despite the significant losses, the overall profit for May remains in the green. Meanwhile, with the price currently falling, many are wondering whether this cryptocurrency can witness a comeback and surge past its all-time high of $2.98. However, many people in the community predict that the fall will continue, possibly pushing the price of Pi Network down to $0.4. Therefore, here we will explore what experts are saying about potential moves in the future of Pi. Is the value of Pi Coin going to fall to the support level of 0.4 dollars? The continuous fall in the price of Pi Network continues to exert pressure on the sentiment of investors. Although the Pi Core Team recently promoted an ecosystem update related to gaming, many believe that it is not enough to restore investors' confidence in the asset or help with recovery. To gain a better understanding, analysts have emphasized that the value of Pi Coin is struggling to hold the support level of $0.61. In a recent post on X, expert MOON JEFF stated that if Pi fails to maintain the support level of $0.61, it could fall back to the previous low of $0.40.

Meanwhile, this prediction goes hand in hand with Dr. Altcoin's previous forecast. Recently, Dr. Altcoin stated that the recovery of Pi may not occur until the end of August when the number of unlocked tokens will be lower. Furthermore, he urged the Pi Core Team to be more transparent about the development of the ecosystem and the utility of the token to help regain the trust of investors. In agreement with a similar viewpoint, the community group The Times of PiNetwork also expressed opposition to the recent performance of the token. In a recent post on X, the account of this token may be experiencing a fall because "Utility is the real strength, not just a token." The price of Pi Network is falling amidst the difficulties of unlocking tokens. Another reason why the price of Pi Network continues to fall may be due to the upcoming token unlock. According to data from PiScan, a total of 274.4 million Pi Coins are expected to be unlocked in June, with a value of approximately 169.4 million dollars at current prices.

However, the unlocking will be low starting from August 2024. In August, the total number of Pi unlocked will be 132.5 million tokens, worth 81 million dollars. However, market experts still hope for the recovery potential of Pi Coin starting from August.