Top 4 Reasons Pi Network Price Could Crash 45% Soon
The post Top 4 Reasons Pi Network Price Could Crash 45% Soon appeared on BitcoinEthereumNews.com. The recent Pi Network price crash has lost momentum, but technicals and fundamental factors point to an eventual bearish breakout, potentially to its lowest point in April.Technically, the coin is forming a bearish pennant pattern. Fundamentally, there are concerns that it is a ghost chain, and its centralization means that top exchanges will likely not list it anytime soon. Pi Network Price Technical Analysis: Bearish Pennant Forms The eight-hour chart shows that the Pi Network price has slumped since May 12, when it surged to $1.6631 ahead of the ecosystem news. Pi Coin has now plunged below the 50-period moving average. Most importantly, the ongoing consolidation is part of the formation of a bearish pennant pattern. A pennant is made up of a vertical line resembling a flagpole and a triangular pattern.A bearish breakout will point to a drop to the key support at $0.5580, the lowest swing on April 9 and 30. Losing that support level will point to more downside to its April low of $0.40, down by 45% from the current level. The bearish Pi Coin price forecast will become invalid if the coin rises above the psychological point at $1. Pi Network price chart Pi Coin Exchange Listings Unlikely to Happen Without Major Changes The Pi Network price may also keep falling because the much-anticipated listing by top exchanges like Binance and Upbit is unlikely to happen unless the developers implement changes. This view is based on the fact that Pi Network is a highly centralized cryptocurrency where the obscure Pi Foundation has so much power. As shown below, the foundation holds at least 72.7 billion tokens valued at over $53 billion in seven wallets. The foundation also holds more tokens in thousands of wallets. All this exposes holders to risk since these wallets are not…
The post Top 4 Reasons Pi Network Price Could Crash 45% Soon appeared on BitcoinEthereumNews.com.
The recent Pi Network price crash has lost momentum, but technicals and fundamental factors point to an eventual bearish breakout, potentially to its lowest point in April.Technically, the coin is forming a bearish pennant pattern. Fundamentally, there are concerns that it is a ghost chain, and its centralization means that top exchanges will likely not list it anytime soon. Pi Network Price Technical Analysis: Bearish Pennant Forms The eight-hour chart shows that the Pi Network price has slumped since May 12, when it surged to $1.6631 ahead of the ecosystem news. Pi Coin has now plunged below the 50-period moving average. Most importantly, the ongoing consolidation is part of the formation of a bearish pennant pattern. A pennant is made up of a vertical line resembling a flagpole and a triangular pattern.A bearish breakout will point to a drop to the key support at $0.5580, the lowest swing on April 9 and 30. Losing that support level will point to more downside to its April low of $0.40, down by 45% from the current level. The bearish Pi Coin price forecast will become invalid if the coin rises above the psychological point at $1. Pi Network price chart Pi Coin Exchange Listings Unlikely to Happen Without Major Changes The Pi Network price may also keep falling because the much-anticipated listing by top exchanges like Binance and Upbit is unlikely to happen unless the developers implement changes. This view is based on the fact that Pi Network is a highly centralized cryptocurrency where the obscure Pi Foundation has so much power. As shown below, the foundation holds at least 72.7 billion tokens valued at over $53 billion in seven wallets. The foundation also holds more tokens in thousands of wallets. All this exposes holders to risk since these wallets are not…
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