Is Pi Network Coin Price About to Go Parabolic?
2 min read
Pi Network Coin Price has dropped in the past few weeks when the demand decreased, tokens and climbed the exchange inflows. It has dropped to 0.6500 US dollars, 60% compared to the highest point in May. This article explains why technical data will soon point out a parabolic step.
PI network coin price analysis
The 12-hour table shows that the PI-Münz Prize rose to $ 0.50 at the end of April and then rose to USD 1.6668 in May. This increase occurred in front of the consensus Toronto when the team said it would deliver an announcement.
The announcement dealt with the start of a 100 million dollar -ecosystem fund. As with other cryptofonds, the goal is to get developers based on PI. The company will invest in companies that build up applications in various areas such as e-commerce and gaming.
If it is successful, a supply company is created for the PI coin and make sure that it is not a ghost chain. It will also help to reduce the tokens in circulation, as some of the fees collected are burned.
The PI network price crashed according to the news because investors expected a larger Exchange list. Others expected a strategy to burn more coins or a large partnership with a top company.
The following table shows that the PI -Network Münz Prize has crashed and has achieved a decisive support level. This support combines the lowest swing prices on April 5 and 29 and May 31.
It has formed a sloping triple-Bottom pattern, the excerpt of which is $ 0.16668, its highest point in May. It is therefore likely that the value of PI will increase by 160% and reach this price target.
The bullish PI prediction stays as long as the coin is above the rising trend line. A waste under this level points to a crash to the all-time low of $ 0.40.
PI network price diagram | Source: Tradingview
Potential catalytic converter for PI -Münz -price tower
To be clear, as we wrote here And herePresent PI faces major challenges, especially the lack of an ecosystem and centralization.
In addition to its technical data, PI has two other catalysts who can drive their price higher in the coming weeks. First, the most important thing is an important Exchange list of a company like Binance or Upbit. Such a list would present it to three -digit numbers, as we saw with tokens like LivePeer and Pocket Network recently.
The other potential catalyst is the upcoming second migration phase that will reward pioneers. While the date of this migration has not been unveiled, it will probably happen in the coming months. Finally Bitcoin price Has some highly bullish catalysts, including increasing demand and supply that can drive ahead in the long term. In this case, there is the likelihood that it will hit back and reach a record high, which leads to an increase in old coins.
