Others fear while I am greedy? Pi coin has fallen over 25% in a month, and analysts rarely warn that selling could lead to "heavy losses".

Pi Network (PI) has plummeted 26.40% in a single month, currently reporting at 0.4626 USD during the Asian session today (9). Although most analysts predict that Pi coin will continue to fall, analyst Moon Jeff remains optimistic, expecting the token to soar to 5 USD. Meanwhile, the RSI of Pi coin has dropped to around 30, indicating that the market is in an oversold condition, which may be a sign of a bullish reversal.

Pi coin remains one of the worst-performing tokens in the recent cryptocurrency market. The token was launched for trading on certain exchanges in February this year, but since mid-May, its price has plummeted by about 70%. Currently, the value of Pi coin is approximately $0.46, and some industry insiders believe that a pullback in the short term could be exacerbated.

The community believes that the "main issue" with the fall of Pi coin lies in its massive supply and the continuous issuance of new tokens. Over the next 30 days, it is expected that more than 246 million PI tokens will be unlocked, with approximately 16.4 million Pi coins set to be unlocked on July 10 alone. This influx of new tokens gives investors the opportunity to ultimately sell off their tokens, which increases the enormous selling pressure and exacerbates the ongoing bearish momentum.

Additionally, the community believes that a possible factor to prevent a PI crash is the introduction of a burning mechanism. This mechanism would send tokens to an inaccessible wallet, thereby removing them from circulation. Basic economic principles indicate that a decrease in supply, coupled with stable demand, should lead to a price increase.

However, community members have differing opinions. Some commentators agree with this idea, while others point out that the lack of a destruction mechanism is not the only issue with PI, and emphasize that Pi Network needs to communicate better with the community and implement a repurchase system.

Pi Price Prediction

According to CryptoPotato, there seems to be a division in the community regarding the next potential target for the Pi coin, with some users holding a bearish stance, believing that the recent performance of the asset has shown the "true meaning of hitting bottom."

Others, like MOON JEFF, hold the opposite view. This analyst, who frequently discusses this matter, believes that those selling Pi coin at the current price may "suffer heavy losses."

"All you have to do is wait to sell when it hits 5 dollars. When the altcoin season finally arrives, the pump of Pi will be absolutely insane," he envisioned.

At the same time, the relative strength index (RSI) of the asset has dropped to nearly 30, indicating that it is in an oversold region, which is usually regarded as a bullish signal.

(Source: X)