Pi Network Anticipates Protocol 21, Price Increased 10% Due to Optimistic Investors
Pi Network (PI) defied the crypto market’s uncertainty in the last 24 hours, which saw a 0.51% market gain, and increased almost 10%. At the time of this article, the price is over $0.20 after a recent dip and is closer to its peak of about $0.27. Investors expect a useful network update with the Protocol 21, smart contracts, and increased developer activity after the upgrade.
While the market remained stagnant, most tokens saw a slight increase. Market cap hit roughly $2.42 trillion with Bitcoin holding its price over $70,800.
Investors were more inclined to buy Ethereum and XRP. New bets were formed as there were set regulations with the SEC and CFTC offering joint guidance as well as new ETF applications. It is anticipated the price will hold relatively stable during this time.
The Pi Core Team has confirmed the Mainnet migration for Protocol 20, clearing the path for the first steps toward smart contracts, and subsequent upgrades from Node operators, as well as the recent release of Docker version 21.2, has built anticipation for the sustained and steady growth of the network.
The Pi Network, in anticipation of upcoming upgrades, launched the first version of the Token Launchpad on the Testnet. Here, developers will create and test tokens in a simulated environment, reflecting the network’s focus on utility.
Simultaneous secondary Mainnet migrations are occurring, and eligible Pioneers are required to perform two-factor authentication and confirm referral mining bonuses, indicating a gradual readiness of the network for the upcoming deployment of decentralized applications.
In technical studies, Pi Coin appears to be acquiring some bullish momentum that warrants immediate attention. In early Saturday trading, the price surged to $0.2012 and the Relative Strength Index (RSI) recorded a value of 64, which is an indicator of an increasing buying pressure that is not overextended.
The money flow indicator (CMF) recorded a positive 0.21 value, demonstrating consistent inflows of capital. $0.25 and $0.30 are considered resistance levels, where a breakout is likely to occur, and an aggressive PI bullish market may target levels of $0.28 and $0.30, and possibly even $0.30 which is considered a psychological barrier/risk level. Should the price move down to the value of $0.20, it is likely that a renewed period of weakness will commence, where support is around $0.17.
PI and the whole of crypto markets will be influenced by some fundamental events. The U.S. SEC has a meeting scheduled on March 27 to discuss a proposed spot XRP ETF, which promises to bring in a stream of institutional capital, if approved.
That same day, Bitcoin options are likely to be exercised at a strike price of $75,000, which opens the door to the possibility of extreme volatility. The CLARITY Act is likely to be introduced in early April, which will seek to establish a succinct and clear demarcation of classifications of digital assets.
In the wake of technical amendments, regulatory enthusiasm, and a flood of new investment, Pi Network appears to be defying gravity, at least for the time being, although the rest of the crypto market appears to be in a free-fall. The crypto market is poised for another potential increase.
