What Do Crypto Analysts Think About Pi Coin?

Pi Coin (PI), the native cryptocurrency of the Pi Network, has garnered significant attention in the crypto community.

Pi Coin (PI), the native cryptocurrency of the Pi Network, has come into the limelight as the project progresses.

Launched in 2019, Pi Network introduced a mobile mining model, allowing users to mine coins using their smartphones. As the project develops, crypto analysts have shared their varied perspectives on the coin’s potential and the challenges it faces.

Positive Outlooks: Momentum and Community Engagement

Some analysts are optimistic about Pi Coin’s recent price movements and community engagement, which they see as promising indicators. For instance, Analyst Xia noted that Pi Network's momentum is building rapidly, with the coin's price surging past the $0.63 mark and showing strong trading volume.

According to her analysis, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are turning bullish, suggesting that the coin could continue moving upwards from here.

She further pointed out that during the Pi Fest celebration, over 58,000 sellers and 1.8 million users on the Map of Pi were reported, showcasing the fast pace of adoption.

Cautious Perspectives: Concerns Over Market Dynamics

However, despite the optimistic indicators, some analysts expressed caution over Pi Coin’s market dynamics.

Dr. Altcoin raised concerns about potential wash trading via Banxa-linked micro wallets, which could affect the price. He observed that the new accounts credited by Banxa on April 17 come with a balance of 0.98 Pi, and these micro wallets are likely being used for rapid-cancelling trades to pump up the volume.

According to his analysis, the price is expected to drop towards $0.44–$0.45, and the strong selling pressure at higher levels will be exhausted by the time the price reaches lower levels.

Moreover, the unlocking of 7.8 million Pi Coins on April 19 will add to the sell-side pressure, which risks pulling the price down despite the recent 6% rally, Dr. Altcoin added.

Long-Term Viability: Challenges and Considerations

Analysts also discussed several challenges that could impact Pi Coin’s long-term viability.

Thangapandi Durai, CEO of Koinpark, highlighted the uncertainty surrounding Pi Coin's transition from a closed network to an open market, noting that its true market value will be determined in the broader market.

According to Durai, Pi Coin is currently valued at around $0.62 in closed-network trades, but it remains to be seen how the coin will perform once it is listed on major exchanges and becomes accessible to a wider range of traders.

Sathvik Viswanathan, co-founder and CEO of Unocoin, highlighted concerns about Pi Coin's lack of full blockchain integration and absence from major exchange listings, which will limit its liquidity and usability.

While acknowledging the large user base and the founders' vision, Viswanathan raised questions about how Pi Coin will generate revenue in the long term and what its plans are for expanding into new markets.

Conclusion: A Project in Transition

Pi Coin stands at a crossroads, with its innovative mobile mining model and the cryptocurrency community.

While some analysts are optimistic about its momentum and community engagement, others are more cautious about potential market manipulations and challenges in achieving long-term viability. As Pi Network continues its development, the coming months will be crucial in determining whether Pi Coin can establish itself as a sustainable and valuable cryptocurrency.