Pi coin price is currently trading at $0.3592, showing a 7.33% drop over the last 24 hours. The market capitalization stands at $2.81 billion, reflecting significant trading activity. Despite the price decline, daily volume surged by 142%, reaching $68.61 million, indicating heightened market speculation. The price fluctuation coincides with expectations surrounding the second mainnet migration, which continues to influence market sentiment.
Jen, a market analyst, anticipates that the price of Pi coin could reach $0.50 in the near future. According to Jen, Pi coin has been consolidating below a downward-sloping trendline after a substantial 40% rally. “The formation suggests a potential breakout, with strong support at the $0.38 level,” he explained. This technical setup points to increasing buying pressure, which could push the price of Pi coins higher.
The analyst further noted that the price action resembles a buildup before an upward movement. Should the breakout materialize, the price of the Pi coin could rise to the $0.50 target and potentially surpass it. The market sentiment, bolstered by speculation surrounding the second mainnet migration, adds to the optimism surrounding Pi coin.
Pi coin price remains in a critical position as it hovers around $0.35, a level that is crucial for short-term movements. On the 4-hour chart, the coin recently broke below a descending channel and is now retesting the demand zone. Bollinger Bands indicate that the price is approaching the lower band, which suggests oversold conditions, while the Money Flow Index (MFI) sits at 33, near oversold levels.
A rebound from the current level could trigger a retest of the $0.41 resistance, with $0.50 as the potential next target. However, if the price fails to hold at this level and experiences a rejection, selling pressure could increase. Thus, the cost of Pi coins will face a crucial test in the coming days, with the second migration playing a key role in its near-term outlook.
Speculation surrounding the second mainnet migration remains central to the Pi coin’s price movement. The migration will enable Pi to operate on decentralized applications and integrate services, unlocking its true functionality. This event could bring more liquidity to the market and boost investor confidence, significantly impacting the Pi coin’s price trajectory.
Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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