Pi Network Price Holds $0.20 After 8.7M PI Unlock, 19M KYC Milestone-What’s Next?

Pi Network price continues to trade just above the crucial $0.20 support, despite ongoing weakness in the broader crypto market.  Recently, the network opened 8.7 million PI tokens, but the market did not react to it strongly. 

In the meantime, more than 19 million users have passed their KYC verification, which is a milestone in terms of adoption efforts of the project.

The crypto market saw a drop of 0.88% over the last 24 hours, and the monthly loss is now 4%. The increase in fear has led to massive liquidation, and the Bitcoin dominance has risen to 59.08% as investors shift away from riskier assets.

Bitcoin experienced liquidations of more than 45.87 million, primarily linked to long positions, and led to widespread sell-offs of altcoins such as ADA, ETH and SOL.

Pi Network Price Stable After 8.7M Token Unlock and 19M KYC Milestone

The price of Pi Network did not decrease following 8.7 million PI tokens unlocked on December 25. There was little market impact despite the big release.

The event raised the performance of the network to test since the prices did not fall and did not show any drastic falls among the major tracking systems.

The result was attributed to more than 19 million KYC-registered users who had devoted themselves to real-world utility and ecosystem engagement by the developers.

Project statements claim that this stability was not by chance, but it was an indicator of good fundamentals and a long-term design.

The economy of the network demonstrated that it is able to resist the increase in supply without causing a breakdown in demand and trust among users.

The roadmap of Pi Network remains to be concerned on extending the ecosystem application instead of speculation or activity of hype trading.

Pi Network Price Support Strong at $0.20: Next Stop $0.25?

At the time of writing, the Pi coin hold at $0.2044, maintaining stability just above the $0.20 support zone. 

In the 4-hour chart, the price movement appears to be at a stalling point, and no big breakout or breakdown has taken place in the last few sessions.

The coin has been moving sideways since most of December with low volatility and diminishing interest among traders.

In case of failure of this support, the following demand zone may appear at the level of $0.1860. Where the buying interest used to be previously.

On the upside, Pi Network price is met with immediate resistance at $0.23. This was previously tested in December but rejected.

If bulls can flip this resistance into support, Pi Coin price may attempt a move toward $0.25. Above $0.25, bulls could aim for $0.28 as the next major resistance level.

The MACD indicator depicts a flattening trend. The MACD line and the signal line are close to zero line. This zero value indicates non-directional bias in the short term.

In the meantime, the RSI stands at 47.19, which is slightly lower than the neutral 50.