Pi Network Enhances Security with 2FA
The Pi Network core team announced mandatory two-factor authentication (2FA) for Pioneers migrating to the mainnet blockchain. This announcement follows a recent price rebound from a key support level of $1.0, offering some relief to investors.
Enhanced Wallet Security with 2FA
Pi Network's introduction of 2FA aims to bolster wallet security and ensure a smoother mainnet transition. Selected Pioneers must complete 2FA via a trusted email before their Pi balance migrates. This added security layer protects against unauthorized access and ensures that Pi is sent only to the rightful owner.
For Pioneers who recently migrated their Pi and are within the 14-day pending period, completing 2FA is now mandatory. Failure to do so will result in the Pi coins being securely returned to their mining app. Successful completion allows for seamless re-migration to the mainnet.
"2FA and the Pi "return" features are designed to maximize the security of Pioneers’ Pi and accounts. Because blockchain transactions are immutable and the Pi Wallet is non-custodial, these features provide an extra layer of protection to ensure Pi is sent to the correct wallet owner." - Pi Core Team
Pi Coin Price Analysis: Potential for Growth?
The Pi coin price experienced significant selling pressure recently, dropping 23% on the weekly chart. Its market cap fell below $8 billion, causing it to drop in ranking. Despite this, the daily trading volume increased by 15.87% to $600 million.
Market analysts remain bullish, noting a symmetrical triangle pattern on the 15-minute chart, suggesting a potential price breakout.
Bullish Scenario: A breakout above the $1.20 resistance could push the price towards $1.25-$1.30. Strong buying volume could further accelerate this upward movement.
Bearish Scenario: Failure to break the resistance and a drop below the $1.10 support could lead to a price retracement to around $1.05-$1.02.
Token Unlock and Exchange Listings
Data from PiScan indicates the release of approximately 129 million Pi coins (~$175 million) this month, potentially increasing selling pressure and impacting the price. The lack of confirmation from major exchanges like Binance regarding Pi Coin listing further adds to market uncertainty. This situation highlights the importance of thorough due diligence before investing.
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