Key Takeaways:
- Pi Network adjusted the base mining rate for Aug.
- However, bearish pressure against PI coin price remained strong.
NEW DELHI (CoinChapter.com) — Pi Network officially began its open Mainnet Migration process, with investors closely monitoring its progress. Additionally, the platform has announced the implementation of the PI coin base mining rate.
Currently, the mining rate on the Pi Network testnet is based on a predetermined formula. However, as the project transitions to the mainnet, the team has recognized the need for fine-tuning the mining rewards to ensure the stability and sustainability of the network.
The adjustment process involves evaluating various factors, including network participation, user activity, and the growth of the Pi Network community.
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.
Furthermore, as the team asks users to prepare for Pi Mainnet Migration Process, PI coin enthusiasts closely monitor the mainnet launch progress. Investors and early adopters are likely holding on to their PI coins in anticipation of potential price gains post-migration.
PI Coin Price Facing Strong Bearish Pressure
Meanwhile, Pi Coin price action continued to buckle under strong bearish pressure. Long upper wicks on the recent daily candles of the Pi network token prices underscore the strength of bearish pressure against the token.
The PI crypto token price spiked over 6.5% on Aug 4 before selling pressure pared gains.
If the Pi Network coin price continues to fall, the PI coin price might drop to the support level near $22.4. Moreover, breaching the immediate support level could force PI coin price to test the support near $20 before recovering.
On the other hand, if PI coin price start gaining, the Pi Network token might rally to the resistance near $25.6. Furthermore, breaking and consolidating above the immediate resistance level to target the resistance near $28.9 before downside corrections pare gains.
The relative strength index for the PI coin remained neutral, with a value of 49.48 on the daily charts.
