Pi Network Adjusts Mining Rate: Bearish Pressure Remains on PI Coin
• Pi Network officially began its open Mainnet Migration process.
• The team has recognized the need for fine-tuning mining rewards to ensure network stability.
• PI coin price is facing strong bearish pressure, and could potentially drop to $20 before recovering.
Pi Network Launches Mainnet Migration Process
Pi Network has announced the start of its open Mainnet Migration process. The project aims to adjust the base mining rate according to various factors such as network participation, user activity, and community growth in order to maintain a stable supply of Pi coins.
PI Coin Price Under Pressure
The PI crypto token price has been under strong bearish pressure lately, with long upper wicks on recent daily candles. If the Pi Network coin price continues to fall, it could potentially drop down to a support level near $22.4 before recovering.
Base Mining Rate Adjustment For August
In order to incentivize active participation and maintain a stable supply of Pi coins, the team has decided to adjust the base mining rate for August. This adjustment process involves evaluating various factors such as network participation, user activity, and community growth in order to determine an optimal base mining rate.
Relative Strength Index Neutral
The relative strength index for PI coin remains neutral at 49.48 on the daily charts, indicating that there isn’t much upside or downside momentum at present time.
Holding On To PI Coins In Anticipation Of Price Gains Post-Migration
As investors await the launch of mainnet migration process, they are holding on their PI coins in anticipation of potential price gains post-migration. However, bearish pressure against PI coin price continues to remain strong at this point in time.