Pi Network coin has reigned its lost momentum, keeping investor attitude and hopes high that the coin can soon hit the $2 mark if it continues its bullish trajectory.
The PI price had a staggering 726% one-day increase on February 20, the day of the introduction. But, the market later ended the day at least 60.89% lower than its peak as early adopters scrambled to cash in on their holdings. In addition, the market fell by around 18.24% on February 21.
The market has, nevertheless, recovered quite well. The price trajectory of the Pi Network coin saw a 115.66% increase from February 22 to 23, making it reach its debut price.
At the press time, the token is trading at $1.57, up 9.7% as compared to the same time last day.
Pi Network Regains Investors Confidence
In the cryptocurrency world, Pi Network Coin has attracted a lot of interest and excitement, particularly following its recent price rebound from a steep decline.
Pi Network, which started out as a mobile cryptocurrency, became popular by enabling users to mine coins right from their smartphones. Millions of users were drawn in by this approachable paradigm, which stoked excitement about its possibilities and a sense of community.
Following a fall, Pi Network Coin has recovered, sparking fresh curiosity in its future price trajectory. There are already discussions concerning the coin’s sustainability and long-term worth as many speculate that it might hit the sought-after $2 mark.
The excitement surrounding Pi Network Coin keeps growing in spite of reservations about the project’s openness and lack of broad adoption. While detractors continue to doubt the coin’s underlying technology and ecosystem’s sustainability, supporters highlight its sizable user base and potential for widespread acceptance.
Despite Investor Optimism, Pi Coin Shows Bearish Indicators
Keeping the investor hopes aside, the Fear & Greed Index for Pi Network coin is currently at 49 (Neutral), and the emotion is bearish. Market parameters show that two technical analysis indicators are indicating optimistic signals, while three are indicating bearish signs, indicating a generally bearish mood in the Pi Network price projection.
However, most market participants are expecting a reversal in these indicators in the coming days.
Pi Network $2 Mark: What Will Help The Coin Rise?
A number of things may be important for Pi Network Coin’s future growth. First, the coin would become more than just a speculative asset as demand would be driven by its growing usefulness and practical use.
Also, forming alliances with companies and payment systems may expand its application. Furthermore, increasing openness on the project’s technical developments and roadmap would reassure investors and users alike.
Strong community involvement and ongoing user base expansion are also essential. Finally, Pi Network Coin’s value and market attractiveness could be further increased by the successful integration of blockchain ecosystems or the deployment of decentralized finance (DeFi) protocols.