The price of Pi Network increased on April 19 (today), rising 6% in the previous 24 hours, with a trading price of $0.65 at the time of publication. Earlier, a leading cryptocurrency exchange hinted at listing the PI token, which sparked bullish sentiment in the market. However, despite the price increase, Pi coin is still 78% lower than its historical high, leading traders to ponder whether now is the right time to sell or hold PI.
Pi Network price is rising - is it time to sell or hold? The article is reprinted from the public account: Feng Baobao roasting sweet potatoes.
As of the time of publication, the price of Pi Network is among the top gainers. However, given that Pi coin is a newly issued token, traders holding Pi coin have differing opinions on the long-term performance of the token. Some traders believe it might be a good time to sell PI, primarily due to the ongoing token unlocking. Data from PiScan indicates that the team will unlock 212 million PI tokens next month. These unlocks are expected to weigh down the price of Pi Network by increasing the circulating supply. Additionally, there are concerns about the transparency of Pi coin. According to Coingape, some traders have expressed worries that the token may repeat the recent collapse of Mantra. This concern has also triggered sell-off activities surrounding the token. However, some Pi coin holders believe that despite these negative factors, now is still a good time to hold PI instead of selling.
One of the holders is Dr. Altcoin, who pointed out that the Pi core team is taking action to reduce market supply by purchasing Pi, which helps stabilize the price. If they continue this strategy, despite the increase in unlock volume, we may not see a significant drop in the price of Pi. Meanwhile, HTX exchange hinted at plans to list PI, which could indicate a positive trend for Pi Network's price. If HTX confirms the listing, the PI token is expected to experience a significant increase. Therefore, considering HTX's potential listing and the reduced risk of sell-off after the unlocking, traders should consider holding Pi tokens instead of selling. Pi Network Technical Analysis: The price of Pi Network may be about to rise to $1. The four-hour price chart shows that the RSI indicator has risen to 51. This increase indicates that bullish momentum is strengthening. The AO histogram also confirms the bullish forecast for Pi Network's price after contracting. This pattern suggests that bulls are trying to regain control. If the AO histogram breaks through the zero line, the token will enter an upward trend.
As the bullish momentum of Pi coin strengthens, traders should closely monitor the possibility of it breaking through the significant resistance level of $0.69. If the price of Pi coin can break through this resistance level, it may trigger an upward trend, with a target price of $0.91. This would put the token on track to recover the $1 mark. PI/USDT: 4-hour chart. Overall, as shown in the four-hour price chart of Pi Network, bullish momentum is continuously rising, which is another reason traders should consider holding Pi coin. However, considering the volatility of the token, it may still erase recent gains, leading some traders to choose to sell for a profit.