Pi Network Price Prediction as Community Demands Transparency to Avoid Mantra (OM) Fate

Pi Network price is under heavy selling pressure today, April 16, as the community draws similarities between the project and the recent wrangles around Mantra (OM).

The price of Pi Network (PI) token is currently under heavy selling pressure as the community draws similarities between the project and the recent wrangles around Mantra (OM). A complete lack of transparency from the Pi Core Team has seen major exchange like Binance and Coinbase delay listing the token, which can ultimately drive the PI price higher. If this happens, how high would the token rally to?

Dr Altcoin, one of the most vocal members of the Pi Coin community has demanded that the project adopt transparency to avoid following the same path as Mantra. In an X post, he stated,

“It serves as a HUGE lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet… One thing is clear about the PTC, they are not transparent.”

Dr Altcoin's remarks come after another user noted that there have been no major developments in the Pi Network ecosystem since the Pi Open mainnet launch.

This lack of transparency has seen top exchanges like Binance and Coinbase hold back from listing the token and driving its price up. These exchanges require access to an auditable mainnet to assess factors such as liquidity and decentralization before listing a token.

"Maybe this will make them list $PI … they have been asking for the mainnet to be launched for months now. Still no updates on the PayMongo integration or any other partnerships.”

Another aspect that might be hindering the exchange listing is the community's concerns regarding the Pi Coin tokenomics. Data from Pi Explorer shows that the top 3 wallets belong to the Pi Coin team, and they collectively hold more than 67 billion PI tokens, which is more than half of the maximum supply of 100 billion.

However, if the Pi Network team can address these concerns and introduce more transparency, it could lead to increased investor confidence, potentially pushing the price to a new record high of $3. A listing on top exchanges might also accelerate this uptrend and prevent a steep Mantra downtrend, which saw the token lose 98% of its value after reaching an all-time high (ATH) of $12 in December 2021.

Pi Network Price Technical Analysis As Pi Coin Re-Enters Demand Zone

Pi Network price has dropped by 17% today to trade at $0.611 at the time of writing. After this drop, the altcoin has entered a major demand zone, which may spark the next bullish leg if buyers step in.

Looking at past trends, each drop to this level has quickly been followed by a surge in buying volumes. For instance, after hitting $0.60 on March 28, the coin witnessed a 66% rally in the following 24 hours.

The volume profile bars further show that Pi Coin has entered a region that has previously been marked by high trading volumes. Traders should watch out for the PoC line at around $0.73, as a move above it will flip the structure to bullish and precede a run past $1.

The Relative Strength Index (RSI) also hints at a possible trend reversal as it dives to an oversold level of 28. The last time that Pi Network was this oversold, the price bounced by 99% within hours. This observation on the three-hour chart, highlighted in green, further supports a bullish price prediction.

Considering the community efforts to advocate for transparency and the technical analysis, Pi Network price may witness a trend reversal and possibly reach its previous ATH of $3 if the Pi Coin team heeds the concerns. Moreover, the three-hour chart hints towards a possible reversal in the near term.

Frequently Asked Questions (FAQs)

1. How high can the Pi Network price go if Pi Coin adopts transparency?

If Pi Coin becomes more transparent, it could lead to increased confidence from investors and traders. This, in turn, might encourage major crypto exchanges like Binance and Coinbase to list Pi Network. With a listing on a major exchange, Pi Network price can recover quickly and continue its bullish run to reach higher levels. The rate of this increase will depend on the trading volume and the overall market conditions at the time of listing.

2. Can Pi Coin price recover after the recent dip?

Yes, Pi Network token price can recover from the recent crash. The price has now reached a major demand zone, which may attract buyers and spark the next bullish leg. Moreover, the volume profile bars highlight that the coin has entered a region previously marked by high trading volumes.

3. Why are traders selling Pi Coin?

The Pi Network price is facing selling pressure as the community is highlighting the similarities between the project and the recent wrangles around Mantra (OM). Due to a complete lack of transparency from the Pi Core Team, major exchanges like Binance and Coinbase are yet to list the token, which can ultimately drive the PI price rally.