The native cryptocurrency of Pi Network, PI, has been under the radar of enthusiasts who have been waiting for years for its launch. Since reaching an all-time high of $2.99 on February 26, PI has dropped nearly 80%, but now it seems to be reviving.
Technical indicators suggest a potential 50% increase in the near future, and recent price activity indicates that this coin may be preparing for a positive reversal.
Amid this growth momentum, Pi Network has shared updated insights on its tokenomics, reinforcing its long-term vision. According to the 2021 Whitepaper and recent updates, the maximum supply of Pi is capped at 100 billion tokens.
Of this, 65% is allocated for community mining, 10% for the platform, 5% for liquidity, and 20% for the core team. These allocations adjust according to the user migration rate, maintaining the ratio over time.
On April 17, the price of PI broke through a key resistance level, effectively reversing the decline that had occurred since early March. This increase is followed by a bullish indicator commonly associated with trend reversals, the 'round bottom' pattern on the daily chart.
This optimism is supported by the Money Flow Index (MFI), which has risen to 67.47 and indicates that buying pressure is increasing. If this continues, PI could surpass the 20-day EMA, which could lead to higher prices.
The MACD indicator has also turned positive. This implies that the 12-day EMA has crossed above the 26-day EMA, a typical bullish signal. If this trend continues, PI could rise by 50%, potentially reaching around $0.96, coinciding with an important Fibonacci retracement level (0.786).
However, traders need to be cautious. PI could drop to $0.40 if it loses momentum or if the EMA returns to a bearish position.
New price strength, transparent tokenomics, and increasing community activity could create a short-term price surge. Risks still exist, especially in this uncertain market environment, but most Pioneers and traders are closely watching whether PI can complete its bullish setup.