Pi Day is an annual celebration of the mathematical constant Pi, expressed with the decimal 3.14. Interestingly, the mathematical event is considered a bullish event for a popular crypto that shares the same name, Pi. The Pi Network recently launched it’s mainnet, which had a huge impact over the PI price rally, which elevated the price from lows around $0.1 to the highs as $2.2. Besides, speculation of listing on the popular exchanges has turned out to be the icing on the cake, which has raised the levels above the consolidation.
As mentioned before, the Pi Network price is moving toward a price-pegging mechanism, which is expected to stabilize its value and potentially boost it’s market presence. Price Pegging Mechanism is a smat contract that involves minting new Pi coins when prices drop below a certain threshold and burning them when prices rise. This aims to maintain the price stability as the reports of user’s exodus due to mainnet issues.
On the other hand, the Pi Network has managed to secure a notable position in global rankings, despite broder market downturns. Besides, the community is actively engaged, but there’s skepticism about the project’s long-term viability, particularly in light of recent developments. Additionally, there has been a reduction in Pi’s mining rate, which is expected to encourage holders to trade their tokens. This could further impact the supply and demand dynamics in favor of a price increase.
The PI price is currently trading around $1.617 with a 21.42% change in the last 24 hours and a market capitalization of close to $12 billion. The market sentiments are extremely bullish, driven by the recent increase in the trading volume. However, the price is facing significant bearish pressure after breaking out from the descending parallel channel in the short term, while the long-term prospects remain bullish.
As seen in the above chart, the RSI has rebounded after visiting the oversold zone, which suggests the price is on the recovery path. Besides, the MACD shows a rise in the buying pressure as the levels slowly heading towards the positive range. However, a rise to 0.5 FIB at $1.8 is extremely important to keep up the bullish momentum of the token. Once these levels are reached, a new ATH could be preprogrammed.
Besides, the Pi Network’s core team is reportedly controlling 82.8 billion of 100 billion, which raises decentralization concerns. Hence, the market participants are required to remain extremely vigilant over the PI price rally.
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