 fosters the world's most omnipresent app platform. It is a social cryptocurrency that allows users to mine Pi coins without){kind=link}
- The Pi coin price has increased by 7.85% during the intraday trading session.
- Technical indicators summary suggests a positive signal in the current phase.
- The 24-hour trading volume of the Pi coin is at $304,880.61.
Pi Network (PI) fosters the world’s most omnipresent app platform. It is a social cryptocurrency that allows users to mine Pi coins without draining the battery or harming the environment. In exchange for Pi coins, developers can offer real-life utilities and products on this platform. The Pi blockchain secures transactions via a mobile meritocracy system. However, the mainnet has yet to be launched.
Pi Year-to-date Returns Have Declined to 31.61%
Pi coin price delivered a 3.17% positive return in June 2023 and reflected bullish outcomes for three consecutive months. The price recorded over 140% growth during that period. Afterward, it started a bullish correction period in September 2023.
The correction took five months till January 2024, with a decline of almost 50% from the $58.83 resistance. However, the price gained bullish momentum from the $28.95 decisional point of interest (POI) in February 2024, resulting in a hike of 17.57%.
This intrigued many crypto traders, who took positions in the $32.67 demand zone. Consequently, the price reflected a massive upsurge of over 260% in the current month. Pi coin price faced selling pressure from the $122.37 resistance and fell to $37.87.
Supply and Market Valuation of the Pi Network
Pi has a self-proclaimed circulation supply of 68 million PIs, with a current market capitalization of $2.85 billion. This network’s maximum supply of tokens and fully diluted valuation are still unknown. The project is yet to be launched.
The 24-hour trading volume of Pi declined 3.01%, ranked 1998th among all 9,306 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is at 0.01%, reflecting lower liquidity cryptocurrency, making it hard to trade in exchanges.
Technical Analysis of the PI Coin
PI price has recently crossed above the 50-day and 200-day exponential moving averages, reflecting a bullish bias. The golden crossover at 34.66 can boost the bullish sentiments in the price. Currently, the price is making a retracement on the 50-day EMA.
The price has witnessed a sharp selling from $49.91 at press time, making it an immediate supply level. It is getting some bullish reactions from the $37.87 decisional POI in the last trading session.
Regarding the technicals, the PI coin price can witness a bullish rally above $62.17 if it manages to close above the $49.91 supply level. However, if the price slips below $37.87, it may experience a shortfall to $32.67.
Summary
Pi is a social cryptocurrency that allows mobile users to mine Pi coins. However, the project is yet to be launched in the decentralized world. Technical aspects show positivity about the current price. PI coin price can witness a bullish rally above $62.17 if it manages to close above the $49.91 supply level. However, if the price slips below $37.87, it may experience a shortfall to $32.67.
Technicals Levels
- Resistance Levels: $49.91 and $62.17
- Support Levels: $37.87 and $32.67
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
