Pi Network Adjusts Base Mining Rate
• Pi Network officially began its open Mainnet Migration process.
• The project aims to strike a balance between incentivizing active participation and maintaining a stable supply of Pi coins by determining an optimal base mining rate.
• PI coin price continued to buckle under strong bearish pressure, with long upper wicks on the recent daily candles.
Open Mainnet Migration Process
The Pi Network has announced the implementation of the PI coin base mining rate as it transitions to mainnet. As part of this process, the team is evaluating various factors such as network participation, user activity, and the growth of the Pi Network community in order to fine-tune the mining rewards and ensure the stability and sustainability of the network. Early adopters are likely holding on to their PI coins in anticipation of potential price gains post-migration.
PI Coin Price Facing Bearish Pressure
Despite the progress made towards mainnet migration, bearish pressure against PI coin price remained strong. The PI crypto token price spiked over 6.5% on Aug 4 before selling pressure pared gains. If Pi Network coin price continues to fall, it might drop to support levels near $22.4 or even $20 before recovering. On the other hand, if PI coin price start gaining, it could rally up to resistance levels near $25.6 or even $28.9 before downside corrections take place again.
RSI Indicates Neutral Market Position
The relative strength index for the PI coin remained neutral, with a value of 49.48 on the daily charts indicating no strong bias either way in terms of market sentiment towards Pi coin’s future prospects..
In conclusion, while Pi Network has adjusted its base mining rate for August and begun its open Mainnet Migration process, bearish pressure against PI coin price remains strong at present time due to market sentiment being largely neutral about its future performance prospects following mainnet launch completion date .