Pi Day is an annual PI celebration, expressing it with Al -Ashry 3.14. Interestingly, the sporting event is a bullish event for the famous encryption that shares the same name, PI. The PI network recently launched Mainnet, which had a significant impact on the PI PRICE gathering, which raised the price from less than $ 0.1 to the highest level at $ 2.2. Moreover, it was found that the speculation of insertion on the popular stock exchanges is the ice on the cake, which raised the levels above monotheism.
Why the price of the PI network is rising?
As we mentioned earlier, the price of the PI network moves towards the price settlement mechanism, which is expected to stabilize its value and may enhance its presence in the market. The price linking mechanism is a SMAT contract that includes eliminating new PI currencies when prices drop to less than a specific threshold and burn them when prices rise. This aims to maintain price stability as reports of the user’s exit due to MainNet problems.
On the other hand, the PI network managed to secure a noticeable center in the world rankings, despite the decline in the BRODER market. Moreover, society actively works, but there are doubts about the long -term feasibility of the project, especially in light of recent developments. In addition, there was a decrease in the PI mining rate, which is expected to encourage their holders to trade symbols. This can affect the dynamics of supply and demand in favor of increasing prices.
Will the price of the PI reach $ 5?
The PI price is currently trading of about $ 1.617 with a change of 21.42 % in the past 24 hours and market prices of approximately $ 12 billion. The feelings of the market are very upscale, driven by the recent increase in trading volume. However, the price faces great pressure after starting from the symmetrical parallel channel in the short term, while long -term horizons remain optimistic.
As shown in the graph above, RSI recovered after visiting the sale area, indicating that the price is on the recovery path. Moreover, MACD shows a rise in purchase pressure as levels are slowly heading towards a positive range. However, the height to 0.5 FIB at $ 1.8 is very important to keep pace with the bullish momentum of the distinctive symbol. Once you reach these levels, a new ATH can be programmed.
Moreover, the main team of the PI network controls 82.8 billion from 100 billion, which raises concerns about decentralization. Thus, market participants must remain very vigilant to the PI prices.
