Pi Coin has dropped by 4% today, with its slide to $0.746 coming as the crypto market as a whole declines 1.5% in the past 24 hours.
PI remains up by 1.5% in a week, and while it is down by a hefty 33% in a fortnight, it holds on to a 17% increase in a month.
However, its chart currently looks unpromising, with the formation of a bearish flag pattern suggesting that more falls may be on the way in the near term.
Yet given how oversold the coin has become, it may not be too far from hitting a bottom, with Pi Coin’s long-term price prediction remaining promising.
Will Pi Coin Break Down Further? Bearish Flag Forms – But Smart Traders Are Watching This Pi Price Prediction
Pi Coin has had a very tough few weeks, given that it has fallen from a two-month high of about $1.57 on May 12 to $0.746 today, which is a drop of just over 50%.
PI’s chart reflects this plunge and the resulting weakness, with its indicators nearing very oversold positions.
Source: TradingViewNot only has Pi Coin fallen formed a bearish flag in the wake of its plunge from $1.57, but it has just fallen below the flag’s support level (green).
This signals the possibility of further falls in the shorter term, with PI potentially enough to sink below $0.60 in the next few weeks.
That said, its indicators also highlight how the market has oversold it recently, with its 30-period average (orange) having been below the 200-period (blue) for over a month now.
At the same time, its RSI is getting close to 30, a level from which it should bounce up.
In terms of PI’s fundamental picture, it continues to suffer from the lack of listings from Binance and other major exchanges (e.g. Coinbase, Kraken).
If such listings do not ever materialize, then the Pi Coin price could suffer an irreversible decline, since an absence of exchange support signals a lack of industry confidence in the token.
On the other hand, the Pi Network has been doing things to bolster its overall utility, including the launch of the $100 million Pi Network Ventures fund earlier this month.
This creates the reassuring impression that the Pi Coin team are playing the long game, so while its price could decline in the next one or two weeks, it should return to growth by the end of the year.
It could hit $1.50 again by the end of Q3, and $3 by the end of Q4.
Bullish New Alts with Strong Long-Term Potential
Because of the risk that PI may not secure a listing from Binance and other big exchanges, many traders may already want to turn to alternatives for big, market-beating gains.
Presale coins could be one lucrative option in this respect, given that the biggest and most popular sales can translate into big post-listing rallies.
This doesn’t happen to every presale token, but one such coin with good prospects is MIND of Pepe (MIND), which has now raised $10.6 million in its ICO.
This is an impressive figure, testifying to growing market interest in the project, which will be launching an autonomous AI agent once its sale ends.
As an AI agent, MIND of Pepe will have two main functions, which you can access by holding its native MIND token.
Firstly, it will process huge amounts of data (e.g. social and trading) to produce real-time market analysis, helping MIND holders make better investment decisions.
Secondly, it will use its insights into emerging trends to generate its own viral meme tokens, which could storm the market in the way that Fartcoin, for example, has.
And in this case, holding MIND is the way to gain early access to its self-generated coins, before they hit exchanges.
Unfortunately, the MIND of Pepe presale will end in just under 4 days, but you can still join by going to the token’s official website.
It’s available at $0.0037515, but given how popular its sale has become, it could rise well beyond this price next week.
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