Oh dear heavens, dear reader! After a precipitous 70% drop from its lofty May peak, the Pi Network price doth show signs of convalescence 🤒. A most bullish RSI divergence doth suggest a potential trend reversal, a veritable phoenix rising from the ashes! 🔥
Alas, poor Pi Network (PI) price, how the mighty have fallen! From its May peak of $1.67, it hath been a gradual descent into despair, a woeful downtrend marked by lower highs and lower lows 😔. The token hath lost a veritable fortune, over 70% of its value, in a mere two months, stabilizing around the $0.45 level, a far cry from its former glory 💸.
And yet, dear reader, PI price doth show signs of a potential trend shift, a bullish RSI divergence on the daily chart, a beacon of hope in a sea of despair 🌟. Despite the price action having made fresh lows in late June and early July, the RSI hath begun printing higher lows, signaling waning bearish momentum, a classic divergence setup that often precedeth trend reversals or short-term relief rallies 📈.
Currently trading around $0.4575, PI price doth hover around a new support level, a veritable lifeline, around $0.45, established after the recent breakdown from the $0.50–$0.52 zone 📊. If the divergence playeth out, this zone shall be the immediate resistance level to watch, where trapped longs from the previous breakdown may create selling pressure, a veritable sword of Damocles hanging over the market 🗡️. If bullish momentum picketh up, PI price could target a relief rally towards $0.65, aligning with the spike on June 25, a veritable pot of gold at the end of the rainbow 🌈.
But, alas, dear reader, Pi Network still faceth significant token unlock pressure this month, a veritable Damocles’ sword hanging over the market 🗡️. According to PiScan, a total of about 219 million PI shall be unlocked throughout July, with the day-one unlock on July 4 already releasing 19.2 million PI into circulation, a veritable tidal wave of tokens 🌟. This influx representeth roughly 4% of current circulating supply, and the large volume of to-be-unlocked tokens could trigger further sell pressure, a veritable perfect storm 🌪️.
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2025-07-08 15:51