Pi coin price is on track for further downside until August, according to a popular crypto analyst. He cited the ongoing lack of transparency and insider sales, which have dragged the Pi Network token down by 60% from its highest point in May.
Pi Coin Price Could Crash Amid Transparency Concerns
Pi coin price today trades at $0.6800, its lowest level since May 17, and could continue its downtrend in the next few months. In an X post, Dr. Altcoin, a popular Pi analyst, warned that it may crash to $0.40 by August. Such a move would imply a 40% drop from the current level.
He cited the lack of transparency from the Pi Core Team, which is led by its founders, Nicolas Kokkalis and Chengdiao Fan. He said:
“No investor wants to put money into something where the founders refuse to be transparent.”
Dr. Altcoin, who has over 46k followers on X, has moved from being an enthusiast of the Pi Network to a big critic. In recent statements, he has asked the Pi Core Team and the Pi Foundation to be transparent on their token sales.
He has also been critical about Pi’s centralization as the Pi Foundation holds over 90 billion in over 2,000 wallets. This centralization explains why top exchanges like Binance and Coinbase are yet to list it despite its popularity among users.
Other analysts have also sounded an alarm about centralization, citing the single point of failure risk. For example, the value of Pi would crash if hackers had unauthorized access to these wallets.
Pi Coin price has other risks. Millions of Pi tokens are being unlocked each month, increasing supply at a time when demand is not rising. 272 million coins will be unlocked in June and 1.53 billion in the next twelve months.
There are also signs that investors are selling their coins, with the supply of Pi on exchanges being on an uptrend. This supply increased by over 3 million in the last 24 hours.
Pi Network Price Technical Analysis Points to a Crash
The eight-hour chart shows that the Pi Coin price surged to $1.6600 earlier this month as traders awaited the highly anticipated news event. It had jumped by 310% from its lowest point this year.
It then suffered a big reversal as the launch of the Pi Network ventures fell short of expectations. That’s because many investors anticipated an exchange listing by companies like Binance, Coinbase, or Upbit.
Pi coin price has crashed below the 50-period moving average, signaling that bears are slowly prevailing. It has dropped to the key support at $0.6606, its lowest point on May 17th.
A drop below that support will point to more downside, potentially to $0.400, the all-time low. This target is about 40% below the current level.
Pi coin price chart
A move above the double-bottom’s neckline at $0.8680, the highest swing on May 21 will invalidate the bearish forecast.
For a long-term outlook on Pi Coin price prediction 2025-2030 – Read This
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crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
