Pi Coin, a cryptocurrency that is still relatively new, could see a sharp increase in its value in the coming days – up to 20%. This optimistic outlook comes despite negative news, such as the release of more tokens into circulation or concerns about a lack of power sharing among users.
But the situation began to change after the currency was newly floated on the well-known US cryptocurrency exchange Kraken. As a result, investor interest grew and within hours deposits in Pi Coin increased by nearly $3 million.
Currently, the Pi Coin is trading at around $0.74, although in the short term its price has fallen slightly. This was due to concerns caused by a large $2 million token deposit, which may have given the impression that someone was about to sell a large amount of coins.
Still, experts on the development of cryptocurrency prices point out that Pi Coin is moving in a so-called “triangle pattern” on the charts. This is a situation where the market can’t decide whether the price will fall or rise. But often such a period of indecision leads to a more pronounced move – either up or down.
The good news is that recent developments suggest that the price could head upwards. If confirmed, Pi Coin could climb as high as $0.92. But before that, it will have to overcome several levels that experts are watching as important – one of them, for example, is the average price over the last 200 days.
Moreover, there is a growing interest in this cryptocurrency on the market. In the last six hours alone, the volume of open trades has increased by almost $3 million, showing that many investors believe in and are betting on growth.
Also, the cost of holding long-term positions (called funding) has once again turned positive. This tends to be another sign that investors expect growth.
The newly launched trading of Pi Coin in the form of futures (betting on future price movements) on the Kraken exchange also plays an important role. This has attracted more speculators and given the project more credibility.
Summary:
Although there have been concerns about Pi Coin, current events suggest that the price of this cryptocurrency could rise significantly in the near future. The key will be whether it can surpass certain thresholds that investors are watching. Interest in this cryptocurrency is growing and more and more people in the market believe in its future success.