TLDR
- A significant milestone has been achieved by Pi Network through its listing on the BTCC Exchange, stirring up market enthusiasm.
- April sees a dip in token unlocks, with just 124.32 million tokens being released, hinting at a potential easing of sell-offs.
- Analysis indicates a developing double-bottom pattern and signals of bullish divergence, suggesting upward momentum.
- The PCM Wallet app has undergone key upgrades enhancing the overall user journey and boosting transaction efficiency.
- Despite setbacks in value, some market observers anticipate a rise towards $1 or beyond, driven by emerging chart formations.
Pi Network has made waves by getting listed on the BTCC Exchange, rekindling hope among traders. This comes amid a price struggle that saw the coin dip to $0.68 within the past day.
Over recent weeks, Pi's valuation has faced a rough patch, dropping 22% over a week and 60% during the month. However, today shows a slight recovery of 1%, landing near $0.7184, fluctuating between $0.6806 and $0.7535 over 24 hours.
Several elements have contributed to Pi's recent downturn in value. A major one was the substantial token unlocks in March, pushing up supply and dragging prices down.
A lapse in significant news from the Pi Core Team has also weighed on market sentiment, particularly the lack of updates regarding its potential listing on Binance, leaving investors in limbo about short-term outlooks.
April might usher in better outcomes for those holding Pi Network tokens. Data from PiScan indicates that token unlocks will see a minimal point in April, with just 124.32 million tokens set for release.
This figure pales in comparison to the forthcoming months, with May seeing 182.37 million unlocks, June hitting 222.68 million, July reaching 233.37 million, and August expecting 132.52 million.
From April 7 to April 11, daily token unlocks are expected to be particularly low, around 1.5 million tokens daily. This decrease could alleviate some of the selling tension.
Technical Analysis
Pi Network's chart shows promising signs. The four-hour graph highlights a double-bottom forming at $0.7663, traditionally seen as a bullish trend turnaround.
Additional indicators suggest upward potential. Pi has found support at the 78.60% Fibonacci level, while tools like RSI and MACD point toward a bullish divergence pattern.
Crypto analyst Jex offers an optimistic view of Pi Coin, proposing that Pi Network is charting an ABC Recovery Pattern in a significant accumulation area, with targets at $0.95-$1.00, $1.30-$1.50, and potentially over $1.80 if the trend firms up.
Another analyst, DEXWireNews, identifies a broadening falling wedge on Pi’s chart. Should this pattern persist, Pi might hit as high as $2.52 in April, reflecting a 282% surge from its present standings.
The RSI tool highlights Pi coin as nearing oversold territory, suggesting the token could be undervalued at current rates. Furthermore, the volume pattern is turning favorable, showing rising buying interest.
On the tech advancement front, the PCM Wallet app has seen substantial overhauls. It's been revamped with Flutter, simplifying the interface and enhancing transaction swiftiness.
Two standout features have rolled out in the PCM Wallet. The first involves muxed accounts, allowing more streamlined token deposits and management.
The second feature now supports Pi token withdrawals, although there's a current cap at 200 Pi. Pichain Global notes this limit is a temporary measure for a smooth wallet rollout.
Acting as a non-custodial wallet, the PCM is designed for global transfers and payments with elevated efficiency. Security is maintained as a priority, seamlessly tying users to the PiChain ecosystem.
Pi Network currently ranks as the world's 29th biggest cryptocurrency by market value, with a valuation of $5.163 billion. It's available across 20 trading platforms with a daily volume of $159 million.
A factor that could further elevate Pi Network's worth is getting listed on more exchanges in the future. With its current market size and trading volume, more exchanges might be inclined to add Pi in the subsequent months.
There are talks about a potential move towards token burning. This step could lower Pi coins' total supply, possibly enhancing the value of the remaining tokens if demand sustains or rises.
Mined yet unmigrated tokens are prime candidates for such burning. Removing these from circulation could significantly cut the total supply down from its 100 billion token ceiling.
Presently, 6.7 billion Pi coins are in circulation. As more applications within the ecosystem catch on, Pi Network might initiate fee burns, further eroding supply over time.
The recent strides in PCM Wallet capabilities might boost Pi’s appeal and usage. By enhancing the utility for everyday exchanges, these features could reinforce the broader ecosystem and allure long-term investments.
Even though price trajectories in the short run remain ambiguous, the mix of fewer token unlocks, bullish chart signals, and ecosystem enhancements instills cautious optimism among Pi Network supporters.
