Pi Network price has gone nowhere this week as the recent bullish momentum waned after Pi Day and Kraken listing. The token dropped to $0.1800 on Friday, down by 37% from its highest point this month. So, will the Pi Coin price rebound or continue falling?
Pi Network price drops amid the rising headwinds
Pi Coin price has dropped in the past few weeks because of the ongoing crypto market weakness amid the ongoing Iran war that has pushed energy prices higher.
Bitcoin and most altcoins have dropped off in the past few days, with Bitcoin falling to $68,000 and the market capitalization of all tokens falling to $2.35 trillion.
Pi Coin price has also slumped as investors sold the recent news. The most important news was the anniversary of the mainnet launch, Kraken listing, and the recent Pi Day event.
It is common for an asset to rally ahead of a major event and then retreat when it happens. One reason why this happens is that the anticipated news tends to have an underwhelming impact. A good example of this is the recent Kraken listing. While it is important, the volume of Pi traded in the exchange remains much lower than expected.
Pi Network price has also wavered amid the rising supply. Data shows that over 41 million tokens will be unlocked this month, followed by 172 million in the coming month. In total, over 1.58 billion tokens will be unlocked in the next 12 months.
More tokens are coming online from the ongoing validator rewards distribution. Millions of tokens are coming online, with more validators expected to sell their tokens.
Meanwhile, the biggest whale has largely stopped buying the tokens this week. He now holds over 400 million tokens worth over $75 million. Last week, he was buying more tokens each day.
READ MORE: Pi Network price prediction ahead of the Kraken listing on March 13
Potential catalysts for Pi Coin price
Pi Network price has some notable catalysts in the coming months. First, the token will benefit from the ongoing core protocol upgrade, which will introduce more capabilities, including smart contracts.
As a result, Pi developers will now be able to build decentralized applications (dApps) like those in the DeFi, NFT, gaming, and real-world asset (RWA) technology.
Additionally, Pi Network price will also benefit from the potential for more exchange listings now that Kraken has done that. As such, analysts expect that some more companies like Coinbase, Binance, and HTX will list it soon.
Pi Network’s developers have also hinted that they will accelerate the development of other solutions, including the launch of the KYC-as-a-Service, a move that will see it compete with popular networks like Humanity Protocol and World.
Pi Network Coin price technical analysis
PI price chart | Source: TradingView
The daily timeframe chart shows that the Pi Coin price has slumped in the past few days, moving from a high of $0.2970 in February to the current $0.1800.
It has slumped below the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bears have prevailed.
The token has also formed a head-and-shoulders pattern, a popular bearish continuation sign in technical analysis.
Therefore, the token will likely continue falling, potentially to the key support level at $0.1500, down by 17% from the current level.
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