The launch of Pi was one of the most sensational events in the crypto industry last week. On February 20, on the day when the launch took place, the PI price marked a massive single-day growth of 726%. As early adopters rushed to cash in on their holdings, the same day, the market closed at least 60.89% below the day’s high. Moreover, on February 21, the market plummeted by nearly 18.24%. However, the market has strongly rebounded. Between February 22 and 23, the market recorded a rise of 115.66%. Dive in for more details?
PI Token’s Launch and Initial Sell-Off
It was on February 20 that Pi was officially launched. At the start of that day, the price of PI was $0.105. At one point, the price reached as high as $2.203. By the time of the close, sellers pulled the price to around $0.8726, making the market to close at least 60.89% below the peak of the day.
Experts believe that the initial selling pressure was contributed by the aggressive selling activities of early adopters.
On the second day of the launch, the price of PI declined from $0.8726 to $7173, marking a severe single day drop of 18.24%.
PI’s Price Recovery and Strong Bullish Momentum
It was on the third day of the launch that the market showed the first sign of recovery. On that day, the market reported a strong single-day growth of 79.18%. Since February 22, the market has surged by approximately 113.03%.
As of now, the PI price stands at $1.5318.
PI Technical Analysis Suggests Uptrend
The RSI of PI, assessed on its four-hour chart, stands at 57.81. This clearly suggests that the market has strong potential to go up in the coming hours.
Interestingly, the current Balance of Power reading of PI of 0.41 strongly supports what PI’s (Relative Strength Index) RSI reading conveys.
Reports indicate that the PI market is currently trading above an ascending trend line. This is also a strong bullish signal.
Future Price Predictions – Will PI Hit $2?
In the previous week, Binance launched a voting process, seeking users’ opinions on whether to list PI in the exchange. Almost 86% of the total respondents of the process have voted in favour of the listing.
If Binance lists PI, it would push the price of PI far higher.
Experts predict that if the demand for PI stays high, the PI price could reach as high as $2.
Meanwhile, experts also forecast that if profit-taking increases, the price may drop below $1.60 – even as low as $1.34.
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FAQs
Experts predict PI Coin could hit $2 if demand stays high and Binance lists it, but profit-taking could cause short-term price drops.
If Binance lists PI Coin, increased trading volume and investor demand could drive its price significantly higher, possibly surpassing $2.
