A naukri.com initiative
Coinjournal
2d
27
Image Credit: Coinjournal
Pi Coin dips as new Pi Network migration triggers investor unease
- Pi Network users are experiencing frustration due to new migration prompts and unresolved KYC verification issues.
- The project faces tension ahead of a significant PI token unlock in June, leading to concerns of a potential sell-off.
- Pi Coin is currently trading below $0.66 with negative technical indicators, reflecting declining market confidence.
- Users have reported unexpected second migration prompts, causing confusion and criticism towards the Pi Core Team.
- Unresolved KYC verification states have left some users stuck and asked to migrate balances again without completing the initial migration.
- 276 million PI tokens are set to unlock in June, valued at around $176 million, potentially flooding the market and impacting Pi Coin price.
- Pi Coin is in a bearish trend, trading around $0.6481, displaying an inverse cup and handle pattern with weak technical outlook.
- Analysts warn that the scheduled token unlock and the lack of bullish developments may lead to a significant downward pressure on Pi Coin.
- Pi Network's fundamentals remain weak, with concerns about lack of exchange listings, centralization issues, and persistent migration confusion.
- Short-term outlook for Pi Coin remains bleak, struggling to break past resistance levels with a possible drop towards $0.40 range.
Read Full Article
1 Like
For uninterrupted reading, download the app