Comprehensive Summary: Pi Network – Is it witnessing significant growth soon?
1. Overview of Price Performance:
The price of Pi coin has increased by 0.6% in the last 24 hours, reaching $0.5818.
The price is experiencing a period of stability within a narrow range, which typically precedes a major price breakout.
2. Technical Analysis:
The Bollinger Bands indicator shows unprecedented compression since the launch of the mainnet, suggesting a strong upward movement is near.
If the price surpasses the level of 0.6000$ with an increase in trading volume, it could reach $0.7000.
Other indicators supporting the upward trend:
RSI is rising.
The price has exceeded SMA-14.
MACD is in the positive zone.
Exceeding EMA-200 could strengthen the upward momentum.
3. Challenges and Negative Factors:
Increase in circulating supply of Pi coin due to the cancellation of coin reservations:
223 million coins added this month.
An additional 455 million coins are expected to be added during May and June.
This means a 6.5% increase in supply in just two months, which could pressure the price.
The absence of Pi on major exchanges like Binance and Coinbase due to their rejection of the requirements of the Know Your Business (KYB) protocols.
4. Alternative Investment Opportunities:
The ICO of BTC Bull (BTCBULL) has been highlighted:
It raised over $5.4 million.
It offers rewards to its holders when Bitcoin rises at specific stages (every $25,000 starting from $100,000).
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