Pi Network price faced heavy selling pressure on April 16, as the community drew comparisons to the recent issues surrounding Mantra (OM). The Pi Coin community emphasized the need for transparency to avoid a similar fate as Mantra and secure listings on major exchanges like Binance and Coinbase. The potential listing on these exchanges could lead to a significant rally in the Pi Network token price.
Dr Altcoin, a prominent member of the Pi Coin community, called for transparency within the project to prevent a downward spiral similar to Mantra. The lack of transparency has hindered exchanges like Binance and Coinbase from listing the token, as they require access to an auditable mainnet for assessment. The community has also raised concerns about the tokenomics of Pi Coin, with data showing that a significant portion of the supply is held by the Pi Coin team.
As the Pi Network price experienced a 17% drop to $0.611, it entered a major demand zone that could potentially lead to a bullish trend if buyers step in. Previous trends have shown that each drop to this level has been followed by a surge in buying volumes. The RSI also indicates a possible trend reversal, with the potential for a significant price increase.
The community’s efforts to advocate for transparency within the Pi Network project could result in a trend reversal and a potential push towards an all-time high above $3. The technical analysis of Pi Network suggests that the altcoin has entered a region with high trading volumes, indicating the possibility of a bullish trend. The three-hour chart also hints at a possible reversal in the near term.
Overall, the future of the Pi Network price depends on the project’s ability to address community concerns and embrace transparency. If successful, the token may see significant price growth and potential listings on major exchanges. The recent dip in price may signal a buying opportunity for investors looking to capitalize on a potential bullish trend in the Pi Network token.
