- Pi Network disclosed that it was putting finishing touches on the project.
- Pi’s price decreased by 6.26% in the last seven days but might soon break out.
As a researcher with some experience in the crypto space, I’ve been following Pi Network with great interest. The recent announcement that the project was putting finishing touches on its Mainnet launch has generated excitement among its community of over 35 million users. However, despite this potential development, the price of Pi has decreased by 6.26% in the last seven days.
As a crypto investor, I’ve been following Pi Network for some time now. Yet, despite the constant trading activity of its native token, Pi, the project has faced challenges in making its mainnet launch a reality.
Starting from June 7th, things may shift significantly according to Pi Network’s announcement. They are preparing to launch their Mainnet, as mentioned in their statement. Users are urged to prepare accordingly.
“We’ve improved the Mainnet Checklist: now, all tasks reliant on the Pioneer phase come before others. This reordering facilitates a more seamless process and decreases the likelihood of incompletions.”
Yet, Pi Network may be unfamiliar to some. This article by AMBCrypto will elucidate its functions.
What is Pi Network?
As a researcher exploring the functionality of Pi Network, I’ve discovered that this platform holds two distinct roles. The first aspect is its developer ecosystem, enabling creators to develop and launch applications using its technology. The second role is as a cryptocurrency, providing an opportunity for users to mine coins through an environmentally-friendly process.
This phone-based activity consumes minimal battery power. Currently, Pi Network boasts a user base exceeding 35 million strong, granting access to an untapped reservoir of social capital.
Pi, unlike Bitcoin, doesn’t adopt the Proof-of-Work (PoW) consensus mechanism. The reason being, PoW comes with significant environmental costs which doesn’t align with Pi’s core principles.
I. instead of relying on an assistant like other networks, this one employs the Stellar Consensus Protocol (SCP) for transaction validation;
Although the project holds promise, the value of the associated cryptocurrency has failed to consistently provide profits for its investors.
Based on CoinMarketCap’s latest update, Pi’s price stood at $37.92. This figure represented a significant jump of 57.19% compared to the same timeframe a year ago. However, it is important to note that within the last week, Pi’s price had dropped by 6.26%.
Is Pi ready to break out?
Just like the price reduction, CoinMarketCap indicated a decrease in trading volume over the past 24 hours. The volume represents investor activity. Consequently, this downturn suggested that fewer transactions involving Pi took place.
A decrease in both volume and price for Pi might signal seller fatigue, potentially causing a price rebound. Nonetheless, it’s essential to examine this possibility technically.
In the daily chart analysis conducted by AMBCrypto, they identified a symmetrical triangle pattern for Pi. This pattern emerges when two trendlines with opposing slopes intersect each other.
The situation for Pi Network’s cryptocurrency could result in either a catastrophic crash or a significant surge. It appears that the token is transitioning out of a slump. Moreover, the Money Flow Index (MFI) indicates an influx of capital flowing into the market.
In other words, PI has the potential to experience a significant price increase. Yet, this possibility hinges on the public perception of the token and the progression of its associated project.
Realistic or not, here’s Pi’s market cap in BTC terms
As a researcher studying the cryptocurrency market, I would hypothesize that if Pi successfully launches its mainnet, an exhilarating response from investors is likely. This excitement could potentially propel the Pi coin’s price towards the significant resistance level of around $60.
On the other hand, a bearish outlook might lead to another decline.
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2024-06-15 02:15