- Pi Network price continued its freefall in May this year.
- The team made some major milestones, including the ongoing network upgrades.
- Technical analysis suggests that the Pi Coin price has more downside to go.
Pi Network price has slumped by 27% this year, mirroring the performance of Bitcoin and other tokens. The token was trading at $0.1497 on Sunday, bringing the May declines to 14.65%. So, will the Pi Coin price continue falling or rebound in June this year?
Pi Network Price Prediction: Technical Analysis
The daily chart shows that the Pi Coin price has come under pressure since March this year when it surged to $0.2960. It has retreated to $0.1497, its lowest level since February 14. This retreat accelerated after falling below the crucial support level at $0.1640, its lowest level on April 13.
The coin has slumped below all moving averages, a sign that bears remain in control for now. It also dropped below the Strong, Pivot, Reverse level of the Murrey Math Lines tool.
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Therefore, the path of the least resistance for the coin is bearish, with the next key target to watch being the all-time low of $0.1300. A break below that level will point to more downside, potentially to the Ultimate Support level of $0.097.
On the flip side, a move above the key resistance level at $0.1640 will invalidate the bearish outlook.
Pi Coin Risks to Outweigh the Key Catalysts
There are signs that Pi Network has made some major catalysts this year. The most important one is the fact that the network has gone through the most important upgrade ever. They upgraded it to v23 of the Stellar network, a move that will make it faster and more versatile. The next version will conclude on June 2nd.
Most notably, it has introduced smart contracts to the network, making it possible for developers to build applications in areas like decentralized finance (DeFi) and real-world asset (RWA) tokenization.
The other key Pi Network news was that the recently launched games by CiDi Games have gone viral. Over 81,000 users played them in just a week, with the number of sessions rising to 1.2 million. There were over 21,000 tournament participants, with 3.20 million Pi tokens staked to support the platform. This growth is a sign that the network is gaining momentum as it seeks to grow its ecosystem.
Pi Network plans to welcome more apps in its platform, including by making it possible for vibe coders to launch apps and gain instant users.
Still, the Pi Network price faces some risks in June. For one, there are signs that demand has waned, with the 24-hour volume falling to below $10 million, a tiny amount for a crypto project with a market cap of over $1.5 billion.
The other main risk is that the token unlocks will continue this month. Data shows that the network will unlock over 174 million tokens worth over $26 million in June, leading to more supply in its ecosystem. Token unlocks normally have an impact on an asset’s price.
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