🔥 PI Targets $0.60 — Can Sluggish Supply Unlock Next Bull Run?
Pi (PI) has said that the mining rate for the token would go up since the aim for token allocation last month was not attained. This might make a positive Pi Coin price forecast more likely since the amount of coins in circulation is growing more slowly.
One way they may boost their production is by locking in their Pi tokens via the app. They might raise mining rates by up to 600% depending on how long the lock-up period is.
If miners choose to do this to increase their production, it might greatly reduce the token's circulating supply and support a positive Pi Coin price forecast.
According to PiScan, the quantity of tokens that will be distributed will decline drastically beginning on July 11, when 10.5 million PI will be freed up. This is about half as much as the 19.4 million PI that will be unlocked tomorrow.
The 4-hour chart shows that PI has rebounded off a critical support level at $0.4790. After the much-anticipated "Pi Day" event, its drop appears to have slowed down.
The protocol started a staking program that would let Pi holders lock up their tokens and rate their favorite applications in the ecosystem. But the fact that this staking mechanism doesn't provide investors any benefits for doing this might mean that not many people would use it.
The price has broken out of a falling wedge pattern after rebounding off this support region. This might mean that a bullish Pi Coin price forecast is more likely, with a first goal of $0.5900.
If the price slips below $0.4750, this bearish breakout might mean that it tests its all-time lows again.
