Pi Network price has crashed in the four consecutive days, erasing some of the recent gains. It dropped to $0.1955 on Monday as investors sold the recent Pi Day and Kraken news. Still, the Pi Coin price may rebound after the developers pointed to smart contracts and second migration.
Pi Network Price Drops After Smart Contract and Second Migration Launch
Pi Coin price erased some of the recent gains, leading to substantial losses among investors. This decline happened after the network marked Pi Day and after it was listed on Kraken, a top crypto exchange. This is a situation where investors buy assets before a major event and then sell when it happens.
Still, Pi Network price has some major catalysts that may drive it higher in the coming weeks or months. For example, the network has now launched smart contracts in its chain, making it possible for developers to launch decentralized applications (dApps) in areas like decentralized finance (DeFi), non-fungible tokens (NFT), and gaming.
These smart contracts were introduced as part of the recent v20 node upgrade, which was completed last week. It will continue being refined as the next stages of the v23 continue.
This is important as the network is currently working on the decentralized exchange and automated market maker tools. Indeed, the developers also revealed that they launched the testnet of its token launchpad.
Pi Network price will also benefit as the second migration gets underway, with the global launch continuing in a gradual rollout. This migration opens the doors for pioneers to bring additional tokens to the mainnet. Notably, this migration has referral bonuses, which are attributable to members who have passed the KYC.
These catalysts explains why the biggest whale has continued buying. He bought 282,000 Pi Coins on Monday, bringing the total balance to 398.3 million.
Pi Coin Price Prediction: Technical Analysis
The daily chart reveals that the Pi Coin price has plunged in the past few weeks, moving from last week’s high of $0.2978 to the current $0.1955. This retreat happened as market participants sold the Kraken listing news.
On the positive side, the coin has bottomed at the 50-day Exponential Moving Average (EMA) and the 61.8% Fibonacci Retracement level. This retracement connects the highest and lowest swings this year. In most cases, rebounds normally happen when an asset settles at this retracement level.
Therefore, the most likely Pi Coin price forecast is bullish, with the initial target being the 38.2%Fibonacci Retracement level at $0.2340, up by 20% above the current level.
On the flip side, a drop below the key support level at $0.1800 will invalidate the bullish outlook.
Source: https://coingape.com/markets/pi-network-price-prediction-after-smart-contract-and-second-migration-launch/
