Pi Network price has gained today, April 19, after posting a 6% gain in the last 24 hours to trade at $0.65 at press time. These gains come after a leading crypto exchange hinted at listing the PI token, driving a bullish narrative. However, despite these gains, Pi Coin is 78% shy of its all-time high, leaving traders to wonder whether now is the right time to sell or hold PI.
Pi Network Price Rallies – Time to Sell or Hold?
Pi Network price was among the top gainers at press time. However, considering that it is a newly-launched token, the traders holding Pi Coin are divided on how the token will perform in the long term.
One of the main reasons why some traders believe that now may be the right time to sell PI is because of the ongoing token unlocks. Data from PiScan shows that the team will unlock 212M PI tokens in the next month. These unlocks are expected to weigh on the Pi Network price by increasing the circulating supply.
Additionally, there have been concerns about Pi Coin’s transparency. As Coingape reported, some stated that some traders are concerned that the token could mimic the recent collapse of Mantra. Such concerns have also sparked selling activity around the token.
However, some Pi Coin holders believe that despite these bearish factors, it is still the right time to hold the PI token rather than sell. One of these holders is Dr. Altcoin, who noted,
“The Pi Core Team is taking action to reduce market supply by purchasing Pi, which helps stabilize the price. If they continue this strategy, we may not see a sharp decline in Pi’s price despite the increased unlocking.”
At the same time, the HTX exchange has hinted at plans to list PI, which may bode well for the Pi network price. If HTX confirms this listing, the PI token is poised for a massive rally. Therefore, considering the potential listing from HTX and the reduced risk of a sell-off after the unlocks, traders should consider holding Pi tokens rather than selling.
Pi Network Technical Analysis
Pi Network price may be on the verge of a rally to $1. The four-hour price chart shows that the RSI indicator has risen to 51. This rise suggests that the bullish momentum is growing.
The AO histogram bars also confirm this bullish Pi Network price prediction after shrinking in size. This setup indicates that bulls are attempting to regain control. An uptrend for this token will occur if the AO bars cross above the zero line.
As the bullish momentum builds around Pi Coin, traders should watch out for a breakout from the main resistance level of $0.69. If Pi Coin price can flip this level, it could spark an uptrend towards $0.91. This will make it likely for this token to reclaim $1.
PI/USDT: 4-Hour Chart
To sum up, the rising bullish momentum, as depicted on the four-hour Pi Network price chart, is also another reason why traders should consider holding Pi Coin. Nevertheless, considering the token’s volatility, it is still possible that it wipes out the recent gains, which is why some traders may choose to sell to book profits.
The post Pi Network Price Analysis: Should You Sell Your Pi Coins or Hold? appeared first on CoinGape.
