Key Takeaways:
- Pi Network adjusted its mining rates on July 1.
- However, Pi coin price refused to respond to the news.
NEW DELHI (CoinChapter.com) — Blockchain platform Pi Network announced an adjustment to its base mining rate on July 1.
In a tweet, the Pi Network developer team announced that the blockchain network had undergone its monthly base mining rate adjustment.
The Pi Network team stated in its white paper that it would derive the base mining rate from a monthly supply limit. Moreover, the supply limit is calculated using a formula “that allocates a specific amount of Pi to each day for the indefinite time.”
The developers believe monthly adjustments to the base mining rate would help correct the “potential over- or under-issuance of Pi coins.“
The delay in the blockchain platform’s mainnet launch continues to haunt the Pi Coin price action. Despite several dApps, such as ‘Pi Chain Mall,‘ ‘Voice of Pi,’ etc., launching on the Pi Network’s testnet, the Pi crypto token price remained mostly flat.
Pi Coin Price Continues To Crab
Meanwhile, the Pi coin price continued to move below its 50-day EMA (purple wave) trendline, unresponsive to any Pi Network news. The 50-day EMA line has repeatedly quashed any upside attempts from the token since May 17 earlier this year.
On July 4, the Pi coin price registered a mild spike of 4.2% to form a daily high near $23.55 before paring gains. In addition, long bottom wicks on the recent daily candles highlight the presence of bulls, yet the Pi crypto price fails to mount an uptrend.
If the selling pressure against the token increases, the Pi coin price might drop to support near $21.64. Moreover, breaching the immediate support level might force the token to test the support near $19.36 before recovering.
On the other hand, an uptrend would likely help the Pi coin price break above the 20-day EMA (red wave) trendline to reach the resistance near $24.5.
Breaking and consolidating above the immediate resistance might help the Pi Network coin price to target the resistance near $28 before downside corrections pare gains.
The RSI for the Pi Network token remained neutral, with a value of 49.11 on the daily charts.
