Pi Coin falls in sync with the crypto market pullback, with a monthly fall of 28%

On July 15, the price of Pi Coin (PI) fell by 3.9%, and Bitcoin (BTC) dropped to $117,000. The cumulative decline of Pi Coin within the month has reached 28%, but the technical indicators show that a rebound may be imminent.

Despite the total market capitalization of cryptocurrencies exceeding $3.68 trillion, the price of Pi continues to weaken. Analysts believe that the continuous unlocking of tokens increases supply pressure, which is one of the main reasons.

Unlocking pressure continues to increase, exchange selling pressure intensifies

According to PiScan data, the Pi Network will unlock over 145 million tokens worth approximately 67 million USD during the remaining time of this month:

• August: Unlock 138.5 million pieces
• September: Unlock 117 million
• October: Unlock 93 million pieces

In addition, investors have withdrawn Pi coins from exchanges, with a net outflow of over 1.4 million coins in the past 24 hours, reflecting ongoing selling pressure in the market.

unlock + pullback = adding insult to injury

Unlocking brings new supply, combined with users selling tokens, leading to weak market buying pressure, further suppressing prices.

Concerns Arise Over Centralization Issues in the Pi Network, Mainstream Exchanges Still Not Launched

The Pi Foundation holds over $33 billion in token assets, but lacks external auditing. The centralized nature of the project is also one of the reasons why some mainstream exchanges have yet to list PI trading pairs.

At the same time, the 24-hour trading volume of Pi is only 80 million dollars, far lower than other popular Memecoins such as Pepe, Shiba Inu, Bonk, etc.

Technical signals indicate that Pi coin may welcome a pullback market

Despite the short-term fall, the technical charts reveal potential bullish signals:

1. Wyckoff Theory: Accumulation phase is ongoing

The trading volume and volatility have significantly decreased, which aligns with the characteristics of the Wyckoff accumulation phase, indicating that large funds are quietly accumulating positions at lower levels. Once we enter the "acceleration phase of increase", the PI price is expected to rise rapidly.

2. Double Bottom Structure + Wedge Pattern

• Double Bottom Support：$0.4056
• Neckline position: $1.6664 (May high)
• Forming a falling wedge structure, the two lines of the wedge are about to converge, which is a typical bullish reversal pattern.

3. The MACD indicator shows a bullish divergence.

The MACD indicator shows that bullish strength is gradually increasing, which is a strong reversal signal. If the PI price successfully breaks through the $1 resistance level, the next target may point to the $1.666 key area.

Summary: Short-term fall may be the calm before the storm

Pi coin is currently facing multiple bearish factors such as token unlocking, centralization concerns, and lack of support from exchanges, but from a technical analysis perspective, the double bottom structure, wedge convergence, and MACD divergence all indicate that a rebound is imminent.

If it breaks through the $1 resistance, Pi is expected to enter Wyckoff's "Markup Phase" and challenge the yearly high of $1.666.