In the last 24 hours, the Pi Network (PI) crypto money depreciated by 12 percent in parallel with the decline tendency in the global market. The asset fluctuated in the range of $ 1.25 to $ 1.59 during the day and continues to be traded at $ 1.39. Investors were cautious before the US inflation data to be announced, while Pi Core Team’s last weekly token movements put pressure on the price. The fact that 282 million toks will be released in the next 30 days raises the concerns of the supply increase.
Market dynamics and token supply increase
The global crypto money market follows a careful course with the expectation of inflation data. Analysts emphasize that the withdrawal of investors from risky assets affects many crypto currencies, including PI. Despite the increase in the daily transaction volume of Pi Network, the decline in the price is interpreted as an indicator of sales pressure.
The exit of a total of 126 million toks from the Pi Core Team wallet on March 7-8 has led to concerns in the market. However, Blockchain monitoring platform Piscan announced that these movements took place within the scope of “routine distribution”. On the other hand, the fact that 23 million toks will be released per day in the next month increases the risk of supply-demand imbalance.
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Support Level and Potential Rise Scenarios
Technical analysts point to the PI’s $ 1.05 level as critical support. If this level is preserved, the asset is expected to test the resistance band of $ 2.40-2.60. Analyst Rose Premium Signals says that a strong movement that will rise from support can trigger a new upward trend.
News such as PI’s potential to be used as a payment tool in the real estate sector positively affect long -term expectations. However, in the short term, fluctuations throughout the market and token supply increase in the price of the price can force the price. Activities such as “Pi Day”, which will be celebrated in March, are expected to have a positive psychological effect.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
