Pi Network Price Slips 10% Ahead of Token Unlock

Pi Network's price has slipped 10% ahead of its token unlock event, which is scheduled to release 127.5 million Pi tokens over 30 days. The network's price declined by 3.80% in the past 24 hours to $0.0829, extending its broader monthly downtrend.

The token has fallen by almost 30% in the past month, indicating a long-term selling pressure. However, Pi is currently trading at a level slightly higher than its July 14 all-time low of $0.07072, a recovery of 17%. The wider crypto market also weakened, falling 0.94% to $2.19 trillion.

Pi encountered the $0.10 resistance, indicating further bearish domination before the unlocking of tokens. According to data updated June 15, the scheduled releases had a value of about $10.65 million at the valuation shown. The biggest release would be on June 25, as an estimated 7.45 million Pi would be released.

The Relative Strength Index is at 34.46, which indicates Pi is near the oversold region. However, a further decline may bring Pi Network prices to the lower end of the channel at approximately $0.078 to $0.075. Any slip below this area would reveal the large horizontal support area at and around $0.070.