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 Pi Coin community now believes that the project can only avoid a similar fate by adopting transparency, which would secure listings on major exchanges like Binance and Coinbase. If this happens, how high would the Pi Network token rally?
Pi Network Price Prediction As Community Demands Transparency
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 hindered top exchanges like Binance and Coinbase from listing the token and driving a Pi Network price rally. These exchanges require access to an auditable mainnet to assess factors such as liquidity and decentralization before listing a token.
Additionally, the community has previously expressed concerns about Pi Coin tokenomics. Data from Pi Explorer shows that the top 3 wallets belong to the Pi Coin team, and they hold more than 67 billion PI tokens, which is more than half of the maximum supply of 100 billion.
Therefore, if the Pi Network team can address these concerns and embrace transparency, increased investor confidence may push the price to a new record high of $3. Listings on top exchanges might also accelerate this uptrend and prevent the steep Mantra downtrend.
Pi Network Technical Analysis as Pi Coin Re-Enters Demand Zone
Pi Network price has dropped by 17% today to trade at $0.611 at press time. After this drop, the altcoin has entered a major demand zone, which may lead to 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.
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 RSI also hints at a possible trend reversal after it plunged to an oversold level of 28. The last time that Pi Network was this oversold, the price bounced by 99% within hours. This further supports a bullish Pi Network price prediction.
Considering the community efforts to advocate for transparency, Pi Network price may witness a trend reversal and possibly reach an ATH above $3 if the Pi Coin team heeds the concerns. Moreover, the three-hour chart hints towards a possible reversal in the near term.
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