Can Pi Coin Price Drop Below The April Lows Of $0.40

Key Insights:

• Continued bearish sentiment and failure to break the $0.52 resistance suggest further downside risk for Pi Coin price.
• A wallet labeled “ODM” has accumulated over 315 million PI tokens, sparking speculation that it may be linked to the Pi Core Team.
• With over 194 million Pi tokens set to unlock in the next 30 days, and rising deposits on centralized exchanges.

The Pi Coin price has been moving sideways for a very long time and is currently flirting around $0.45. Pi bulls failed to take the charge despite the broader crypto market rally. However, recent reports have shown that a Pi Core team wallet has been accumulating Pi tokens through an “ODM” wallet.

Market analysts await future direction to see whether Pi might collapse under its April lows of $0.40.

Pi Coin Price Faces Strong Selling Pressure

Ever since hitting the high of $0.65 in June last month, Pi Coin price has been moving sideways. It has moved dangerously closer to its April lows of $0.40. Amid the continued weakness, investor sentiment has turned bearish as the token trades around $0.45.

The altcoin is now just 11.19% above its all-time low of $0.40. Falling under this could lead to further bearish pressure on Pi token and greater lows.

As we can see, since the May peak, PI has been in a consistent downtrend, marked by the blue diagonal trendline. It shows an inherent weakness that can lead to further potential downsides for the Pi token.

A look at the Pi Token trading volume profile reveals clear selling pressure, with 10 out of 16 days in July closing in the red. This persistent downtrend remains intact, and unless the key resistance at $0.52 is decisively broken, a bullish reversal for PI appears unlikely.

Can Pi Core Team Prevent the Pi Coin Price Drop

Pi Network is drawing renewed attention after a wallet labeled “ODM” rapidly accumulated millions of PI tokens. It has sparked intense speculation within the community about its ownership and potential influence on the ecosystem.

According to data from PiScan, the ODM wallet recently received 2.8 million PI tokens from the OKX exchange. Earlier this month, it also withdrew 3.5 million tokens, and now holds approximately 315 million PI.

The wallet’s aggressive accumulation has led to rumors that it may be linked to the Pi Core Team (PCT). Analysts also speculate it could be a buyback vehicle ahead of a potential exchange listing.

Notably, some speculate that large wallets like ODM tend to become active ahead of major developments within the ecosystem.

Pi Token Unlocks and CEX Deposits

The looming selling pressure on Pi Coin comes amid strong Pi token unlocks ahead this month in July. As per the Pi Scan data, a total of 194.3 million Pi tokens will be unlocked in the next 30 days, thereby increasing the overall market supply.

That could prevent the Pi Coin price from resuming further upside from here. The Pi token deposits on the centralized exchange (CEX) have also shot up in the last 24 hours. It has further dampened the sentiment for a price recovery soon.