Pi Network price had a mixed performance in May. It initially surged by almost 200% after the developers hinted at a major event during the month, but then erased most of these gains as the news event failed to meet expectations. This Pi coin price prediction explains what to expect this month.
Pi Coin Token Unlocks Ahead
Pi Network faces a major risk in June as more than 274 million coins are expected to come online. These token unlocks are currently valued at over $176 million and will be the biggest monthly unlock for the remaining part of the year.
Pi Network will then unlock 233.4 million tokens next month, and 593 million later this year. These token unlocks will increase the amount of tokens in circulation at a time when more of them are entering exchanges.
Data shows that there are over 3.1 million tokens that moved into exchanges in the last 24 hours. Most of these tokens moved into Gate and OKX, while the rest moved into MEXC, Bitget, and Pionex.
All these factors are bearish for the Pi Network price, especially if they accelerate during the month.
The only catalyst that could push the value of Pi coin higher is a major exchange listing. For example, the Livepeer and Pocket Network prices surged on Friday after being listed by Upbit, the giant South Korean exchange. As a more popular coin, a Pi Network exchange listing would lead to triple-digit gains.
It is unlikely that major exchanges will list Pi Network until it becomes decentralized. For now, it is a highly centralized coin, with the Pi Foundation controlling over 92 billion tokens.
READ MORE: The Real Reason Pi Network Isn’t Listed on Coinbase, Binance, or Upbit
Pi Network Price Technical Analysis
The eight-hour chart shows that the Pi Coin price peaked at $1.6677 in May ahead of the Consensus event and the hyped news event. It has dropped below the 50-period moving average, a sign that bears are in control.
The coin is now hovering at a key support level, which connects the lowest swings since April 29. It has also formed a head-and-shoulders-like chart pattern.
Therefore, the coin is likely to experience a bearish breakdown in June and potentially retest its all-time low of $0.40. A drop below that level will likely indicate further downside, potentially to $0.20. The alternative scenario is where the Pi Network price rebounds and retests the resistance at $1.
