Pi Coin Eyes $0.50 as Mainnet Migration Looms
Pi Coin Price Target: Analyst Predicts $0.50 Amid Mainnet Buzz
The price of Pi Coin is currently trading at $0.3592, reflecting a 7.33% decrease in the last 24 hours. Its market capitalization stands at $2.81 billion. Despite the price dip, trading volume has surged, with a 142% increase to $68.61 million, indicating heightened market activity and speculation surrounding the coin.
One analyst projects a potential upside target of $0.50 for Pi Coin, influenced by ongoing speculation about the mainnet migration.
Demand Zone Rebound in Pi Coin Price Action
According to market analyst Jen, Pi Coin has been consolidating below a downward-sloping trendline after a 40% rally. This consolidation could signal a potential breakout, with strong support established at the $0.38 mark.
The analyst suggests that the coiling price action indicates upward pressure. A confirmed breakout could propel Pi Coin towards the $0.50 target and potentially beyond. This setup indicates a build-up phase before further growth, aligning with bullish forecasts for Pi Coin.
On the 4-hour chart, Pi Coin has recently broken below a descending channel and is retesting the demand zone. The price hovers around $0.35, a critical level for short-term positioning.
Technical indicators show:
- Bollinger Bands: Price approaching the lower band, suggesting oversold conditions.
- Money Flow Index (MFI): Currently at 33, neutral but nearing oversold territory.
A bounce from this level could retest resistance at $0.41, and eventually $0.50. Conversely, a rejection below this zone could trigger further selling pressure, placing Pi Coin at a crucial equilibrium point.
Mainnet Migration Speculation Fuels Market Anticipation
Speculation surrounding Pi Network’s anticipated second mainnet migration remains a key driver of its price outlook. This migration involves moving user balances from the testnet to the live mainnet, unlocking the coin's full functionality.
The mainnet migration enables Pi to operate in decentralized applications and integrated services, expanding its utility beyond mobile mining. The initial migration served as a scalability test, transitioning early adopters to the active ecosystem and validating Pi’s infrastructure.
A second migration wave is anticipated to onboard more users and add liquidity to secondary markets, further boosting trust in the Pi ecosystem and improving its adoption potential.
In summary, Pi Coin's price is currently in a consolidation phase, balancing the analyst's target with migration-related speculation. Recent recovery attempts show resilience, but sustaining momentum depends on the possibility of a second mainnet migration in the near future.