Key Takeaways
- The Pi Network price prediction for July could suffer a setback if the price trades below $0.4.
- The current market sentiment, with bullish price action, could give Pi coin the needed boost for a rally.
- If the price of Pi coin trades above $1 could see bullish price action to the upside.
After an explosive debut in the crypto space, Pi Network (Pi) experienced a strong price rally to an all-time high of $3 following its listing on multiple crypto exchanges and a robust community backing its price surge in the market.
Despite speculation of a potential price hitting $5, things didn’t turn out as expected as the price of Pi Network (Pi) has crashed from its high towards a low of $0.4 as its price has seen over 80% price crash since its debut in the crypto space forcing many traders and investors to sell off their Pi tokens.
While July has favored many crypto assets, including ALGO, SOL, and XRP, will the Pi Network (Pi) price prediction prove to be a good rebound from its key support level toward its daily highs, considering the current bullish market state?
Bearish Market Sentiment Dominates Pi Network Price
Following a market crash from its high of $3 towards a low of $0.4 experiencing quite a bearish market trend, currently, technical indicators are showing a bearish market sentiment with indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are showing the market is at oversold zone as price trade around its $0.4 support area.
If the market sentiment of Pi coin continues in this fashion of bearish price action, we could see further decline. However, things could change for Pi Network (Pi), considering the recent bullish market sentiment for Bitcoin and other crypto assets, as Pi coin could capitalize on the market rally.
Pi Network Price Prediction Could See a Boost In July
Pi Coin Price Chart – Source TradingView
There are good reasons to believe that the price of Pi coin could surge in July, following strong bullish price action in the cryptocurrency space. As Bitcoin’s price has rallied to new all-time highs, this could influence Pi coin to have a strong run in July.
Additionally, despite the price suffering a significant decline over the last few months, the price of Pi Network (Pi) demonstrates resilience, as its community has backed its price, preventing it from trading below its key support level of $0.4.
If the price of Pi Network (Pi) breaks above its key resistance level of $1, it could resume strong bullish price action. However, bulls need to defend the price and push for a strong price rebound in the coming weeks.
Related Read
Algorand (ALGO) Price Prediction for July – $1 Next?
Bitcoin Price Hits $123,0000 as Whales’ Interest Surges – $150,000 Next?
