The team behind Pi Network continues to improve its ecosystem, with the transition to protocol v24 being one of the latest milestones, while the upgrade to v25 is expected later in June.
While the advancements have failed to spark a price revival for PI, key factors suggest that such a move could be approaching.
Are Bears Losing Control?
PI began trading in February last year, and its launch was met with huge investor enthusiasm. At one point, its valuation skyrocketed to roughly $3, but that peak was short-lived. Over the past several months, the price has been in free fall, currently trading around $0.12, close to the all-time low and representing a staggering 96% decline from the high.
The bearish market conditions persist, but three important elements suggest PI could be on the verge of a rebound. The first one is the asset’s Relative Strength Index (RSI), which has fallen to extreme oversold territory of around 2.6 out of 100 (on a monthly scale).
This means the valuation has dropped too aggressively over a short period, which has historically been a precursor to a revival. Conversely, ratios above 70 signal a warning about an upcoming correction.
We move on to the shrinking amount of tokens stored on exchanges. The total figure recently spiked to an all-time high of over 550 million, yet in the previous days it plunged to the current 545 million. This is seen as a bullish sign, as it reduces immediate selling pressure.
PI Exchange Balance, Source: piscan.io
Last but not least, we should monitor the upcoming token unlocks. Today (June 12) marks the peak unlock day, with nearly 15 million coins set to be released. Over the following four weeks, however, the pace will cool significantly. The average daily unlock has fallen to 4.8 million, which could help create a more stable environment for potential price recovery.
PI Token Unlocks, Source: piscan.io
Same Rumor, Different Day
The PI community has long been convinced that a listing on the world’s biggest cryptocurrency exchange would act as a powerful catalyst for a major price increase. Last year, Binance seemed close to doing so after asking its users whether they wanted to see the coin available on the platform. Despite the vast majority voting in favor of the initiative, the company has yet to honor their wish.
Now, some X users speculate that such a backing could be announced on June 28 – a symbolic day for the Pioneers, known as Pi2Day. Other developments that may take place on that date include ecosystem growth initiatives and the introduction of new products. It is important to note that the team may not announce anything, so it is wise to manage expectations.
The post 3 Bullish Signals Suggest Pi Network’s (PI) Worst Days May Be Over appeared first on CryptoPotato.