Pi Coin value rose for the second consecutive day as investors reacted to a new update on the mainnet upgrade and a newly launched palm print authentication feature. Pi Network token was trading at $0.1700, up slightly from this week’s low of $0.1595. It remains 94% below its all-time high.
Pi Network Accelerates Mainnet Migration as it Hits 16 Million Pioneers
In a statement, the Pi Network team noted that it had released a new technical update that will allow millions of pioneers to migrate to the mainnet. It will also release a new technical update accelerating this growth soon.
Most importantly, the team is working on the beta version of the palm print authentication feature that will accelerate the liveness check and account verification. The report noted that the update will unblock 2.5 million pioneers who were previously locked, with 700,000 more pioneers being eligible in the coming weeks.
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The statement also noted that the KYC validator rewards distribution continued to make progress and will be made by the end of March this year.
Still, Pi Network price faces some major challenges despite the ongoing progress. For example, a year after the mainnet launch, no major exchange has listed it, meaning that it is not available to millions of people.
Pi Network’s upgrade to Protocol 23 has been stuck in testnet for months and it is unclear whether or when it will be implemented. In the meantime, Stellar has already moved to Protocol 25.
At the same time, Pi Network token unlocks continue accelerating. It unlocked over 139 million tokens in January, and millions more are coming in February. Also, it will unlock over 1.3 billion tokens in the next 1w months.
Pi Coin Value Technical Analysis
The daily timeframe chart shows that the Pi Network value has been in a strong downward trend, mirroring the performance of Bitcoin and other altcoins. It has crashed from a high of nearly $3 in February last year to the current $0.1706.
The token has crashed below the important support level at $0.1928, its lowest level in December last year. It has moved below the 50-day and 100-day Exponential Moving Averages (EMA).
The token has remained below the Supertrend and the Ichimoku cloud indicators, a sign that bears are in control. Also, the Relative Strength Index (RSI) remains below the oversold level.
Therefore, the most likely scenario is where the Pi Coin price will continue falling as sellers target the all-time low of $0.1510. A drop below that level will point to more downside, potentially to the key support level at $0.10.
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