Pi Day is an annual celebration of the mathematical constant Pi, expressed with the decimal 3.14. Interestingly, the mathematical event is considered a bullish event for a popular crypto that shares the same name, Pi. The Pi Network recently launched its mainnet, which had a huge impact on the PI price rally, elevating the price from lows around $0.1 to highs of $2.2. Speculation of listing on popular exchanges has further fueled the price increase, pushing it above the consolidation levels.
Why Pi Network Price is Rising?
The Pi Network price is moving towards a price-pegging mechanism, expected to stabilize its value and potentially boost its market presence. The Price Pegging Mechanism involves minting new Pi coins when prices drop below a certain threshold and burning them when prices rise, aiming to maintain price stability amidst reports of user exodus due to mainnet issues.
Despite broader market downturns, the Pi Network has secured a notable position in global rankings. The community is actively engaged, but there are concerns about the project’s long-term viability. Additionally, a reduction in Pi’s mining rate is expected to encourage holders to trade their tokens, impacting the supply and demand dynamics in favor of a price increase.
Will Pi Coin Price Reach $5?
The PI price is currently trading around $1.617 with a 21.42% change in the last 24 hours and a market capitalization close to $12 billion. Market sentiments are bullish, driven by an increase in trading volume. The price is facing bearish pressure after breaking out from a descending parallel channel in the short term, while long-term prospects remain bullish.
RSI rebounding after visiting the oversold zone suggests the price is on a recovery path. The MACD shows a rise in buying pressure as levels slowly head towards the positive range. A rise to 0.5 FIB at $1.8 is crucial to maintain bullish momentum, potentially leading to a new all-time high.
The Pi Network’s core team reportedly controls 82.8 billion of 100 billion, raising decentralization concerns. Market participants are advised to remain vigilant over the PI price rally.
In conclusion, Pi Network’s recent developments and price movements indicate a promising future for the cryptocurrency. With a focus on price stability, community engagement, and market presence, PI coin has the potential to reach new heights in the crypto market.