📉 Pi Network Faces Pressure: July Token Unlock Looms as Pi2
koinmilyoner
Updated at: 8 hours ago
{"content":"📉 Pi Network Faces Pressure: July Token Unlock Looms as Pi2Day Fizzles
Pi Network has lost six straight days, falling below $0.50.
The AI-powered Pi App Studio release on Pi2Day doesn't inspire optimism.
Pi scan data reveals 19.2 million tokens will be unlocked in July, raising supply dump concerns.
At press time on Tuesday, Pi Network (PI) fell 3%, its sixth straight bearish candle. The technical picture is gloomy ahead of July's largest token unlock, and mood is quiet after Pi2Day.
Largest Pi Network token unlock in July
PiScan data suggests that July 4 will unlock 19.2 million PI tokens, the greatest unlock of the month. Most token unlocks increase market supply, raising the danger of a sell-off in the days following.
As reported by FXStreet, July's token unlocks totaled 268.4 million PI tokens, the greatest monthly unlock till October 2027.
AI-powered no-code Pi2Day launched Pi App Studio.
Pi Network launched Pi App Studio, a no-code platform to expand its ecosystem, on Saturday's anticipated Pi2Day. Staking Pi tokens on the mainnet using Ecosystem Directory Staking boosts app rankings.
The Pi2Day announcements did not improve Pi Network's spot market performance despite other modest changes.
Pi network might lose $0.40.
Pi Network falls 3% at press time on Tuesday, continuing the reverse for the sixth day. Pi Network reached $0.6667 last week before surrendering gains and growing 5.94%.
The losing trend is nearing its lowest price of June 22 at $0.4711. A daily close below it might prolong the drop below $0.4000, a support level hit twice, on April 5 and June 13.
A daily close below $0.5031 would be the lowest since February 20 (OKX listing day), raising the odds of a breakdown below $0.4711.
The Relative Strength Index (RSI) at 35 falls near the oversold border, indicating further selling pressure.
Pi Network must avoid a closing below $0.5031 to signify a reversal. With a lower shadow candle, PI might reach $0.6600, the May 17 low.
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