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The price of the coin has experienced a strong downward trend after peaking at $3 on February 26. It has declined by more than 75% from this level, costing pioneers and other investors billions of dollars.
This collapse is largely due to the decrease in supply resulting from token economics. Data shows that the network will issue millions of new tokens monthly. The cumulative supply will grow by 1.6 billion over the next twelve months. Unlocking tokens is negative given the low number of current investors.
The price of Pi Network has also declined as investor concerns about the lack of trading platforms since its mainnet launch continue to affect its technical indicators, which have been highlighted previously. The most significant of these is the descending wedge pattern, a common bullish reversal signal.
This pattern is characterized by two descending and converging trend lines. A bullish breakout occurs when the two lines approach their point of convergence, and when trading volume continues to rise.
The Pi Network token also forms a bullish divergence pattern, which occurs when an oscillator rises while the price increases. In this case, the MACD indicator and the Bollinger Bands Trend indicator have risen steadily.
Therefore, the currency may continue to rise as bullish speculators target the psychological point at one dollar, which is about 35% higher than its current level. Any drop below this week's recorded low would invalidate the bullish outlook.#Join Honor Credits Draw &