The Pi Network’s native cryptocurrency, PI, is under radar of every enthusiast who waited years for the launch. Since hitting an all-time high of $2.99 on February 26, PI has fallen by almost 80%, but it’s now looking like it’s coming back to life.
Technical indicators point to a possible 50% increase in the near future, and recent price activity shows the coin may be preparing for a positive reversal.
Amid this momentum, the Pi Network has shared updated tokenomics details, reinforcing its long-term vision. As per the 2021 Whitepaper and recent updates, the maximum supply of Pi is capped at 100 billion tokens.
Of this, 65% is allocated to community mining, 10% to the foundation, 5% for liquidity, and 20% to the Core Team. These allocations adjust proportionally with user migrations, keeping the ratios fixed over time.
On April 17, the price of PI broke over a key resistance level, effectively reversing the slump that had been in place since early March. This increase was followed by a bullish indicator that typically accompanies trend reversals, the daily chart’s “rounding bottom” pattern.
This optimism is supported by the Money Flow Index (MFI), which has risen to 67.47 and indicates increasing buying pressure. If this continues, the PI may break above the 20-day EMA, which might lead to higher prices.
The MACD indicator has also gone positive. This implies that the 12-day EMA has crossed over the 26-day EMA, a typical bullish signal. If the trend persists, PI may rise by 50%, possibly to about $0.96, which coincides with a key Fibonacci retracement level (0.786).
However, traders need to exercise caution. PI can fall back to $0.40 if the momentum is lost or the EMAs turn back into a bearish position.
The fresh price strength, transparent tokenomics, and increasing community activity may stage a short-term rally. Risks still exist, particularly in this uncertain market environment, but most Pioneers and traders are keenly observing whether PI can fulfill its bullish setup.
Also Read: How Pi Network Can Recover Its Token Price
