Pi Network price is at a pivotal point amid a reduction in Pi Coin mining activity. Miners are capitulating at a time when Pi Coin price is struggling to regain its bullish momentum. As mining activity drops and miners and bearish headwinds from economic uncertainty intensify, can the Pi network token recover, or should traders brace for more declines? Let’s explore.
Pi Network Price Analysis as Miners Capitulate
Pi Network price trades at $0.603 today with a slight 1.8% gain in 24 hours. These gains follow a modest recovery across the broader crypto market, as Bitcoin price rebounded above $82,000.
Analysts have now stated that Pi Network miners are giving up. One noted that they are likely capitulating because the already mined coins have not been moved to their wallets. He stated,
Miners are crucial to price stability and performance. If these stakeholders are exiting the network, it might fail to bode well for Pi Network price, as it shows reduced confidence in the future performance of this altcoin.
At the same time, reduced mining activity could be a double-edged sword. This decline may spark a decline in the supply, which could be bullish for Pi Coin price.
Pi Network Price Tracks Bitcoin
Dr Altcoin believes that supply and mining activity will not be the only factor that will shape the Pi Network price forecast. He observed that Pi Coin has been tracking Bitcoin price, and would continue to do so until there is a surge in utility.
A previous Coingape article reported that Pi Coin’s usage is rising across the Asian market. This is after the token was adopted as a means of payment by a skincare brand in South Korea.
Strategic partnership deals like the one with Banxa and Zito Realty in the US might also be a catalyst for Pi Coin price recovery.
Pi Network Technical Analysis
On the lower timeframe, Pi Network price is flashing bullish signs that hint toward possible recovery in the near term. The RSI has recorded a steady rise to 60 at press time, suggesting that bullish momentum is in play.
The AO histogram bars also show that bulls are gaining strength. These bars are rising as buying activity builds, which indicates that the uptrend is gaining strength.
For the Pi Network token to maintain the upward momentum, it first needs to flip the resistance level at $0.63. This will pave the way for an uptrend to $0.80.
Therefore, the Pi Network price is at a pivotal point, with the reduced mining activity suggesting that crucial stakeholders are losing confidence. However, the 2-hour price chart hints at a possible recovery if Pi Coin can overcome resistance at $0.64 and possibly reach $1.
The post Pi Network Price Analysis: What’s Next for Pi Coin Price as Miners Capitulate? appeared first on CoinGape.
