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Highlights
- Pi Network price is on gaining today, April 19, after outperforming most coins with a 6% gain.
- Despite the gains some traders are considering to sell due to the ongoing 212M token unlocks.
- However, speculation around a new listing on HTX has sparked optimism about future gains.
Pi Network price has dropped slightly by 0.5% in the last 24 hours to trade at $0.63 at press time. Despite the dip, the Pi Coin community is still optimistic that the altcoin might secure new exchange listings and potentially rally to record highs. This article seeks to analyze both bullish and bearish factors around PI to determine whether now is the right time to sell or hold.
Pi Network Price Rallies – Time to Sell or Hold?
Pi Network price was among the top gainers at press time. However, considering that it is a newly-launched token, the traders holding Pi Coin are divided on how the token will perform in the long term.
One of the main reasons why some traders believe that now may be the right time to sell PI is because of the ongoing token unlocks. Data from PiScan shows that the team will unlock 212M PI tokens in the next month. These unlocks are expected to weigh on the Pi Network price by increasing the circulating supply.
Additionally, there have been concerns about Pi Coin’s transparency. As Coingape reported, some stated that some traders are concerned that the token could mimic the recent collapse of Mantra. Such concerns have also sparked selling activity around the token.
However, some Pi Coin holders believe that despite these bearish factors, it is still the right time to hold the PI token rather than sell. One of these holders is Dr. Altcoin, who noted,
“The Pi Core Team is taking action to reduce market supply by purchasing Pi, which helps stabilize the price. If they continue this strategy, we may not see a sharp decline in Pi’s price despite the increased unlocking.”
At the same time, the HTX exchange has hinted at plans to list PI, which may bode well for the Pi network price. If HTX confirms this listing, the PI token is poised for a massive rally. Therefore, considering the potential listing from HTX and the reduced risk of a sell-off after the unlocks, traders should consider holding Pi tokens rather than selling.
Pi Network Technical Analysis
Pi Network price may be on the verge of a rally to $1. The four-hour price chart shows that the RSI indicator is rising despite remaining below 50. This rise suggests that the bearish momentum is weakening. Traders should await a breakout of the RSI above 50 to confirm an uptrend.
At the same time, the AO histogram bars signal a bullish Pi Network price prediction after moving above the zero line. This setup indicates that bulls are attempting to regain control.
As the bullish momentum builds around Pi Coin, traders should watch out for a breakout from the main resistance level of $0.69. If Pi Coin price can flip this level, it could spark an uptrend towards $0.91. This will make it likely for this token to reclaim $1.
To sum up, the rising bullish momentum, as depicted on the four-hour Pi Network price chart, is also another reason why traders should consider holding Pi Coin. Nevertheless, considering the token’s volatility, it is still possible that it wipes out the recent gains, which is why some traders may choose to sell to book profits.
Frequently Asked Questions (FAQs)
1. Should you sell or hold Pi Network?
2. Will Pi Network be listed on the HTX exchange?
3. Will Pi Coin rally to $1 soon?
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