After a wait of over six years, the Pi Network finally launched on Feb. 20. While the price fell sharply after its launch, it has increased since, reaching a new all-time high of $2.98 on Feb. 27.
The PI price has maintained its bullish structure despite a slight decline since then. Will the PI price increase continue, or has a local top been reached? Let’s find out.
Pi Mainnet Launches
Binance asked the community whether they wanted Pi listed on the exchange. The voting will end at midnight UTC on Feb. 27, and 86% of the votes are currently at yes, confirming that Pi will be listed.
This comes after Orderly and Bitget announced the listing of Pi futures. Since the PI price debuted much lower than its unofficial IOU, taking the latter’s price.
There are some concerns in the community about Pi. Simon, CEO & Partner at Moonrock Capital, noted that no Web3-native people are involved in the project, which he believes has a cult following among non-crypto people. More specifically, he stated:
This is just a giant Ponzi that faked it till they made it. They mastered virality by promising “free money” and leveraging word-of-mouth marketing to go mainstream. Definitely study PI’s growth tactics for your next word of mouth campaign, but don’t fall for the scam.
Furthermore, he suggests that the numbers are artificially inflated, and most of the volume is wash trading.
According to the Pi whitepaper , the maximum supply will be 100 billion tokens, split between the community and the team at a rate of 80 to 20.
The community allocation is split into 65% for miners, 10% for supporting community organizations, and 5% for liquidity pools.
PI Hits All-Time High
While the Pi coin price fell after its launch, it regained its footing on Feb. 21 and has increased since. The price broke out from an ascending parallel channel on Feb. 28, reaching a new all-time high of $2.98 two days later.
While the price has fallen slightly since, it validated the channel’s resistance trend line as support twice (green icons), creating long lower wicks each time.
Technical indicators support the continuation of the upward movement. The Relative Strength Index has generated a hidden bullish divergence (orange), which, when combined with the retest of the channel, makes continuing the increase likely.
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The wave count supports the continuing increase, suggesting the PI price is in the fourth wave of a five-wave upward movement.
A breakout from the descending resistance trend line, which creates a symmetrical triangle when combined with the channel, will confirm the end of the fourth wave.
If that happens, the PI price could increase to $3.51, a target created by the 1.61 external Fibonacci retracement of the recent drop.
Alternatively, falling inside the channel’s confines will risk the validity of the upward movement. If this happens, the PI price could decrease to the channel’s support trend line at $2.
Another PI Increase Awaits
PI recovered admirably after its initial post-launch crash. The PI price reached a new all-time high on Feb. 27 and can move even higher with a breakout from its resistance trend line.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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