Pi day is the annual celebration of the mathematics constant expressed in decimal 3.14. Interestingly, this mathematical event is considered a rise event for Pi Coin, a popular crypto that shares the same name. As this important day approached, Pi Coin took up the upward movement today. The crypto analyst is examining the technical picture for the upcoming pi day.
Why is Pi Coin price rising?
As mentioned earlier, the Pi Network price is moving towards a price fixing mechanism that is expected to balance its value and potentially increase its presence in the market. The price fixing mechanism is a smat agreement that includes pressing new Pi Coin when prices fall below a particular threshold and burning them when prices increase. This aims to maintain price stability as user migration reports due to Main-Net problems.
On the other hand, Pi Network managed to achieve a significant position in global rankings despite the decreases in the Broder market. In addition, the community is actively operating. However, especially in the light of recent developments, there is skepticism about the long -term applicability of the project. In addition, Pi has a decrease in the mining rate, which is expected to encourage its owners to exchange their tokens. This may even further affect supply and demand dynamics in favor of price increase.
Will the Pi Network price reach $ 5?
PI price is traded around $ 1.67 with an increase of 21.42 %per day during the article. Market emotions are highly rising due to the last increase in transaction volume. However, the price is faced with a significant drop pressure after leaving the parallel channel in the short term, while long -term expectations maintain their tendency to rise.
As shown in the graph below, RSI recovered after visiting the over -selling zone. This shows that the price is on the way to recover. In addition, MACD shows that there is an increase in purchase pressure as the levels are gradually moving towards the positive range. However, it is very important to rise to 0.5 FIB at $ 1.8 to maintain the acceleration of Token’s rise. When these levels are reached, they can go on a new journey of ADH.
In addition, Pi Network’s core team is reported to check 82.8 billion of 100 billion. This increases the concerns of decentralization. Therefore, market participants need to be extremely careful about the PI price rally.
The opinions and estimates in the article belong to the analyst and are not definitely investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
