- Pi Network Price increased by 6.67% as the buyers started recovering from their lows.
- Pi remained below its critical moving averages and resistance zones while the momentum indicators slowly recovered.
- Talks on the supply became more prominent when it was found that only 16.8% of the total PI supply went to the mainnet.
The price of Pi Network continued to be under scrutiny due to the growth of the token in the last 24 hours following its recovery from recent lows. Pi advanced despite low volume despite having many overhead resistance levels according to technical indicators.
Pi Network Price Advances Despite Lower Trading Volume
Pi was at $0.07938, indicating a rise by 6.67% in the last 24 hours. The market cap rose to about $868.61 million in the same period.
The trade volumes were contrary to the prices. The total daily trade volumes fell by 7.74% to $10.71 million, meaning that the current rise in prices took place with fewer tokens being traded than before.
On the four-hour chart, Pi Network Price traded between $0.07935 and $0.07976, posting session gains between 2.32% and 2.85% after rebounding from lows near $0.07300.
The recovery lifted the token above the 0.5 Fibonacci retracement level at $0.07694 while approaching the 0.382 Fibonacci retracement level at $0.07851.
Although the rebound took place, Pi was trading below the 20 EMA at $0.07937, 50 EMA at $0.08276, 100 EMA at $0.08738, and 200 EMA at $0.09743, which means that there was still resistance technically.
Technical Levels of Pi Network Price
There were several price levels that caught the traders’ attention when Pi was attempting to strengthen its
The immediate resistance came at the levels of $0.07937 and $0.08276, with $0.08010 also forming an essential resistance level as a result of it having been the support level before. In case of the price breaking above the level of $0.08010, the next resistance would be around $0.10393.
The support levels continued staying at $0.07820 and $0.07694, while the latest low was at $0.07300 and continued being the technical lower reference point.
Source: Trading View
The momentum indicators showed changes in the market situation as well. The 14-period RSI increased to 47.96 after weakening and approaching the neutral 50 level.
Additionally, Pi moved above the 20-period Bollinger Band midline at the level of $0.07953 after bouncing off the lower Bollinger Band at $0.07421. However, it still stayed below the upper Bollinger
Technical Highlights
- The immediate resistance is in the range of $0.07937 to $0.08276, and the next resistance after $0.08010 has been recognized at $0.10393.
- The supports continue to be at $0.07820, $0.07694, and the latest swing low at $0.07300.
- There was increase in the RSI to 47.96, but price was trading above the Bollinger Band midline but below the upper line.
Supply Distribution Highlight Gains Prominence Again
While focusing on the technicals of trading, the focus was again on Pi Network’s supply distribution following the detailed analysis by analyst
The analysis showed that the Pi Network’s total supply is 100 billion PI. The distribution is made up of 20 billion PI for the Core Team, 10 billion PI for the ecosystem development fund, and 5 billion PI for the liquidity pool. A total of 65 billion PI were allotted to community mining rewards.
The analysis further revealed that a total of 16.8 billion PI have been mined and transferred to the mainnet, accounting for around 16.8% of the total supply of the coins. It means that the majority of the token supply has not yet been made available.
The threads posted by Mahidhar have generated questions regarding the handling of the remaining community allocation, and that Pi Network does not currently have a token burn mechanism. The analysis pointed out that the above could influence the valuation of the token, adding a case where PI could be worth $0.01.
Frequently Asked Questions
What caused the increase in Pi Network Price while the trading volume dropped?
The Pi Network Price increased 6.67% in the past 24 hours while trading volume reduced by 7.74% to $10.71 million.
What are the main resistance levels for Pi Network Price?
The immediate resistance is seen in the range of $0.07937 and $0.08276. Breaking above $0.08010 may see the next technical resistance at $0.10393.
Why has the token supply of Pi Network become a matter of debate?
Analyst Mahidhar Crypto pointed out that only 16.8 billion PI out of the total supply of 100 billion PI of the network have been mined and migrated to the mainnet, while posing concerns regarding the rest community allocation.
