PI Price Gearing Up for a 100% Rise Ahead of Pi Day
PI Day is an annual celebration of the mathematical constant PI, expressed as a decimal of 3.14. Interestingly, the mathematical event is considered a bullish event, and for a popular cryptocurrency, the event is called pi as the same name. PI Network recently launched its Mainnet, which has had a huge impact on Pi Price Rally, with the collection’s price rising from $0.1 around the low to $2.2. In addition, speculation about the listing of popular exchanges has become the icing on the cake, which has increased the level to above integration.
Why are PI network prices rising?
As mentioned earlier, PI network price It is moving towards a price search mechanism that is expected to stabilize its value and potentially increase the influence of its market. The price fixation mechanism is an SMAT contract that involves minting new PI coins when the price drops to a certain threshold and burns when the price rises. Due to the mainnet problem, this is a report from the user’s Exodus, aiming to maintain price stability.
On the other hand, despite the downturn in Broder market, the PI network has managed to gain a significant position in the global rankings. Furthermore, the community is actively involved, but there is doubt about the long-term viability of the project, especially given the recent developments. Additionally, the mining rate of PI has been reduced, which is expected to encourage holders to trade their tokens. This may further affect supply dynamics and facilitate price increases.
Will the price of PI coins reach $5?
The PI price is currently trading at about $1.617, changing 21.42% over the past 24 hours, with a market cap of nearly $12 billion. Market sentiment is extremely optimistic, which is due to the recent increase in trading volume. However, after the short-term outbreak erupts from the parallel channels of decline, prices face huge bearish pressure, while the long-term outlook remains bullish.
As shown in the picture above, RSI rebounded after visiting the oversale area, indicating that prices are on the road to recovery. In addition, as the level slowly moves towards the positive range, the buying pressure of MACD increases. However, it is very important to keep the token bullish momentum, rising to $0.5 to $1.8. Once these levels are reached, a new ATH can be pre-programmed.
In addition, the core team of PI Network is reportedly controlling $82.8 billion of $100 billion, which has attracted the attention of decentralization. Therefore, market participants must remain extremely vigilant at PI price rally.
