Pi Day is an annual celebration of the constant mathematical PI, expressed with decimal 3.14. Interestingly, the mathematical event is considered a bullish event for a popular crypto that shares the same name, Pi. The PI network recently launched its Mainnet, which had a huge impact on the Pi Price rally, which raised the price between $ 0.1 and $ 2.2. In addition, speculation of the list on popular exchanges has proven to be the icing on the cake, which increased the levels above consolidation.
Why does the Pi network price increase?
As mentioned above, the price of the PI network is changing to a price pricing mechanism, which should stabilize its value and potentially increase its presence on the market. The price rotation mechanism is a SMAT contract which involves lowering new PI parts when prices fall below a certain threshold and burning them when prices increase. This aims to maintain prices stability as a user’s exodus reports due to MAINNET problems.
On the other hand, the PI network has managed to guarantee a significant position in the world rankings, despite the slowdowns of the embroidery market. In addition, the community is actively committed, but there is skepticism about the long -term viability of the project, in particular the light of recent developments. In addition, there has been a reduction in the PI extraction rate, which should encourage holders to exchange their tokens. This could still have an impact on the dynamics of supply and demand in favor of an increase in prices.
Will the price of the PI room reach $ 5?
The Pi price is currently negotiating around $ 1,617 with a variation of 21.42% in the last 24 hours and a market capitalization of almost $ 12 billion. Market feelings are extremely optimistic, driven by the recent increase in trading volume. However, the price is faced with a significant downward pressure after having burst out of the parallel canal descending in the short term, while long -term perspectives remain optimistic.
As we can see in the graph above, the RSI rebounded after visiting the occurrence zone, which suggests that the price is on the recovery path. In addition, the MACD shows an increase in the purchase pressure while the levels slowly go to the positive beach. However, an increase at 0.5 FIB at $ 1.8 is extremely important to maintain the bullish momentum of the token. Once these levels have been reached, a new ATH could be preprogrammed.
In addition, the main team of the PI network would control 82.8 billion 100 billion, which raises problems of decentralization. Consequently, market players must remain extremely vigilant during the Rallye Pi Price.
