koinmilyoner
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Bullish
Will Pi Network Price Explode or Crash on Pi Day?
Pi Network has fallen 8.5% in 24 hours to $1.57 while the crypto market drops 2% today.
The altcoin's drop coincides with Pi Day, an annual celebration of the mathematical constant π, which gives it its name.
This doesn't appear to have helped PI, which is down 12.5% in a week and 47% from its February 26 ATH of $2.99.
PI bulls claim that these dips position the new token to recover in the following weeks, with Pi Network's long-term price estimate looking positive.
Will Pi Network Price Explode or Crash on Pi Day?
Since Pi Day and Pi Network are unrelated, it's not unexpected that neither has sparked a major rally.
Some traders and platforms have tried to connect, such Bitget, which ran a mathematical celebration campaign.
Today is the last day to pass KYC to move mined tokens to the Pi Network's mainnet, which is most important.
The deadline was 8:00am UTC (or 4:00am EST), therefore early PI miners who hadn't confirmed their tokens lost them.
There are reports that some PI holders have had to renounce their tokens, although the numbers are unclear.
This hurts Pi Network since it makes its mainnet move appear sloppy, while bulls may claim that burning unconfirmed tokens deflates.
PI has dropped worse than the market today, suggesting the market isn't pleased about it.
Today, its 30-period average (orange) threatens to fall below the 200-period (blue) due to momentum loss.
Once its relative strength index (purple) goes below 30, the Pi Network price may recover.
It may revert to $2 by April based on its current activity and how many tokens are forfeited.
#pi #PiNetwork #PiCoreTeam $BTC $SOL $ETH
Pi Network has fallen 8.5% in 24 hours to $1.57 while the crypto market drops 2% today.
The altcoin's drop coincides with Pi Day, an annual celebration of the mathematical constant π, which gives it its name.
This doesn't appear to have helped PI, which is down 12.5% in a week and 47% from its February 26 ATH of $2.99.
PI bulls claim that these dips position the new token to recover in the following weeks, with Pi Network's long-term price estimate looking positive.
Will Pi Network Price Explode or Crash on Pi Day?
Since Pi Day and Pi Network are unrelated, it's not unexpected that neither has sparked a major rally.
Some traders and platforms have tried to connect, such Bitget, which ran a mathematical celebration campaign.
Today is the last day to pass KYC to move mined tokens to the Pi Network's mainnet, which is most important.
The deadline was 8:00am UTC (or 4:00am EST), therefore early PI miners who hadn't confirmed their tokens lost them.
There are reports that some PI holders have had to renounce their tokens, although the numbers are unclear.
This hurts Pi Network since it makes its mainnet move appear sloppy, while bulls may claim that burning unconfirmed tokens deflates.
PI has dropped worse than the market today, suggesting the market isn't pleased about it.
Today, its 30-period average (orange) threatens to fall below the 200-period (blue) due to momentum loss.
Once its relative strength index (purple) goes below 30, the Pi Network price may recover.
It may revert to $2 by April based on its current activity and how many tokens are forfeited.
#pi #PiNetwork #PiCoreTeam $BTC $SOL $ETH
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