The post Pi Coin Price Prediction For March 10 appeared first on Coinpedia Fintech News
Pi Network, ranked as the 11th largest crypto by market cap is no stranger to volatility, and Pi Coin is no exception. Recently, Pi Coin’s price dropped by 10%, leaving many investors wondering whether it’s a buying opportunity or a warning sign to stay away.
Massive Outflows Raise Concerns
The recent drop in Pi Coin’s price happened due to a global crypto market correction, with Bitcoin plunging sharply to $80k. Perhaps many in the Pi community believe that this isn’t the sole reason behind the price plunge.
Some traders suspect that a large outflow from the Pi Core Team (PCT) Wallet played a role in the decline. On March 7, nearly 90 million Pi tokens were moved out of the wallet, followed by another 36.4 million tokens the next day.
Since this movement happened at the same time as the price drop, it led to speculation that the team might be selling off tokens.
Upcoming Token Unlocks
Looking ahead, the Pi Network is set to unlock a significant number of tokens over the next month. The largest unlocks are scheduled for March 17 and March 21, with over 23 million Pi tokens set to enter the market on each of these days.
In total, around 282 million Pi tokens, valued at approximately $390.93 million, will be unlocked in the next 30 days. This increase in supply could add selling pressure, making it challenging for the price to recover in the short term.
Key Resistance Level To Watch
Despite the recent decline, technical indicators suggest a possible recovery. Market analyst Rose highlighted that Pi Coin is currently consolidating and testing a key Fibonacci retracement level. If it breaks above $2, a bullish reversal could be in play.
The first resistance levels to watch are between $2 and $2.60. If Pi Coin manages to break above this range, it could move toward $3.00 and eventually $3.60. However, for this to happen, strong buying momentum will be needed.
As of now Pi coin price is hovering around $1.4, reflecting a drop of 10% seen in the last 24 hours with its market cap hitting around $10 billion.
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FAQs
Pi Coin’s price fell 10% due to Bitcoin’s market dip and large token outflows from the Pi Core Team wallet, sparking sell-off concerns.
Analysts suggest watching key resistance levels; if Pi Coin breaks $2, a bullish reversal is possible. However, risks remain high.
