Pi Price Prediction: Can Pi hit $0.70 Before Pi Day as Trading Volumes Explode?

Pi (PI) has gone up by nearly 17% in the past 24 hours and currently sits at $0.6234 ahead of a key event for the project called Pi Day.

Trading volumes have jumped by nearly 80% after PI broke above the $0.60 resistance as this unexpected spike could have triggered a short squeeze.

The Pi Core Team has already teased that they will be addressing certain points of interest that the community has brought up recently like delays associated with the migration of Pi tokens to the public mainnet and new initiatives that foster ecosystem growth.

Pi Official X Account – Source: X.com

On June 21, an X post hinted at potential announcements concerning Pi’s ventures into generative AI.

Meanwhile, the project recently emphasized its accomplishments following the first 100 days after the public mainnet’s launch.

However, the Pi community has been underwhelmed by the lack of new initiatives that seek to exploit the blockchain’s innovative architecture to host decentralized apps (dApps).

The Pi Core Team responded with the launch of Pi Network Ventures, a $100 million fund that will provide capital to projects that build their solutions on this blockchain.

The lack of details, list of prospective candidates, and details about the implementation and rollout of these grants were criticized by the project’s supporters as it demonstrated that the team is in a rush to show something up just to avoid further declines in the price of PI coin.

Selling Pressure Will Rise The Week After June 30

Pi’s daily token unlocks show that the most selling pressure will likely occur from June 30 to July 8 as a significant volume of new coins will be freed up.

Pi Daily Token Unlocks – Source: PiScan

Traders should keep an eye on the price action as Pi could drop sharply during that period if the demand triggered by Pi Day is insufficient to keep the token afloat.

Since its launch, Pi has dived from an all-time high of $2.98 to an all-time low of $0.4012 in late April. The price action recently neared those levels as tensions in the Middle East plunged cryptocurrencies.

Today’s bounce is pushing PI out of the danger zone for the time being. That said, the risk of another disappointing encounter between the community and the project’s developing team is quite high and could add up to another pivotal moment for the token as a lack of progress could result in a big drop.

Pi Could Rise to $0.77 If This Key Support Level Holds

Looking at the 4-hour price chart, we can see that the latest price action has pushed the token above two key resistance areas at $0.56 and $0.60 in two big 8-hour moves.

PI/USDT 4-Hour Chart (Bitget) – Source: TradingView

Trading volumes exceeded the average during these two periods while the token has now moved above the 200-period exponential moving average (EMA) in this lower time frame.

If the $0.60 level holds, the next target in sight would be $0.70 and then, a project of the token’s latest decline from swing highs to swing lows favors a push toward the $0.77 level in this timeframe.

The confluence between this key support and the 200-period EMA makes it an important threshold for market participants. Hence, a bearish breakout could result in a retest of the $0.40 all-time low.

The catalyst for this move would be another disappointment from the developing team during Pi Day.