The PI Network has staged a strong recovery after falling at a low of $ 0.6156 after its maintenance launch in February.
PI Network (PI) was trading at $ 1.7650 on 16 March, up to 190% from its lowest level on 20 February.
It has many catalysts that can push it more in the coming months. First of all, the flexibility of the PI network after the menual launch, to a large extent, proved that it is not a scam, as many people feared.
Second, the size of the PI network and the fact that it is made in USA coin, This means that it can become a spot ETF candidate. The PI has a market cap of over $ 13 billion, which makes it a larger coin than others, which have received ETF applications, such as steller (XLM), Litcoin (LTC), and Hedera Hashgraff (HBAR).
Initial data suggests that the PI network is also a highly popular coin, in which the daily volume is more than $ 800 million. This suggests that an ETF based on it will possibly attract strong investors interest.
In addition, the PI network is already listed by several large centralized exchanges, including Okx, Bitget, Mexc and Gate.io. However, several Tier -1 exchanges, such as Binenns, Coinbase, Upbit, Crypto.com and Crackon, have not yet listed it.
It is likely that the Benance will list it after a survey in which most of the participants voted in favor. This exchange listing will be likely to contribute to the high PI network price in the future.
However, a significant risk can obstruct the value performance of the Pi coin: unlock the token. Coinmarketcap data suggests that the maximum supply of PI network coins is 100 billion compared to a circulating supply of 7 billion.
According to pie ExplorerMillions of new tokens will be released in the network every month this month – 18 million this month and 91.5 million in March. More than 1.4 billion new tokens will be issued this year. The new token unlock usually dilutes existing holders by increasing supply.
Pie network price analysis
The chart per hour suggests that the price of PI Coin has increased to $ 1.80 after reaching a high level of $ 2 this week. It has gone below the lower range of the growing veg pattern. A veg is a highly recession pattern that is characterized by changing two ascending and trendline.
The PI has also created a head and shoulder pattern. Therefore, it is likely to retreat and withdraw the major support at $ 1.533, its lowest level on 2 March. One step above the right shoulder at $ 2 will invaluate the recession attitude.
