Pi Network price analysis: can $0.6477 breakout trigger the next bull run?
- The PI token sees short-term recovery but faces stiff resistance at $0.6477.
- Over 41 million $Pi moved off exchanges, hinting at bullish sentiment.
- Mainnet migration progresses steadily with over 12 million users onboarded.
The Pi Network (PI) is trading at $0.6305, down 2.21% in the last 24 hours. It lost 15.01% of its value last week, indicating overall market pressure. Its 24-hour trading volume has fallen by 39.63% to stand at $92.82 million, indicating declining short-term interest.
The technical indicators present a mixed outlook. An RSI of 61.28 suggests increasing bullish pressure, but the asset remains at the critical resistance of $0.6477. Early indications of an impending reversal can be seen using the MACD, with the Average Directional Index (ADX) of 77.6 indicating the strong underlying trend. A Bollinger Band of 33.05% is worth noting, indicating the asset is ready to surge into volatility very soon.
Traders look to break above $0.6477 to open the way to $0.7720, where conservative entries are preferable at retracements towards the pivot at $0.6335. But sellers beware, downside dangers still loom. Holding positions below $0.6202 (S1) is the best policy. Market structure is still weak, supported by declining volume but conditioned by good liquidity levels (3.45%).
Exchange Outflows Hint at Potential Pi Network Price Breakout
In a significant change, more than 41 million $Pi tokens, worth around $27 million, left exchanges such as OKX in the last 48 hours. This action sharply decreases circulating exchange supply and is typically indicative of long-term accumulation or HODLing activity.
Crypto analysts view such outflows as bullish, meaning that holders are demonstrating greater confidence in the future value potential of PI. Having less supply that can be open to trade, any demand surge down the road could put upward pressure on the price, which could break existing areas of resistance.
Pi Tokenomics 65% for Mining Rewards
The Pi Network Mainnet migration is going smoothly, with more than 12 million users migrated so far. The migration is not an ordinary token airdrop but a process involving multiple layers that is the result of years of mining activity, KYC verifications, and ecosystem contributions. Present focus is on completing the initial phase of the migrations, such as verified rewards in various categories.
With the first batch complete, focus will then move to the second-phase migrations, which will include referral bonuses and further incentive models. Periodic migration cycles, to maintain ongoing user integration and balances, are also part of the roadmap.
Pis tokenomics are based on the initial 100 billion token supply, where community mining rewards constitute 65%. The remaining balance structure supports the rate of migration, allocating proportional, transparent amounts to the network, foundation, liquidity, and Core Team.
As the project continues to approach Open Network status, the process of migration along with the token scarcity are set to fundamentally impact PIs market direction.
Read more: https://www.tronweekly.com/pi-network-price-analysis-can-0-6477-breakout/
Text source: TronWeekly
