• Pi Network announced the adjustment of the base mining rate for August.
• Bearish pressure against PI coin price remained strong.
• If the Pi Network coin price continues to fall, it might drop to support levels near $22.4 and $20.
Pi Network Adjusts Base Mining Rate
Pi Network officially began its open Mainnet Migration process and has announced the implementation of the PI coin base mining rate. 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.
Bearish Pressure Against PI Coin Price
Investors and early adopters are likely holding on to their PI coins in anticipation of potential price gains post-migration. However, bearish pressure against PI coin price remained strong as long upper wicks on the recent daily candles underscore the strength of bearish pressure against the token.
Support Levels Near $22 & $20
If the Pi Network coin price continues to fall, PI coin price might drop to the support level near $22.4 or even lower at $20 before recovering.
Resistance Levels Near $25 & $28
On the other hand, if PI coin price start gaining, it might rally to resistance levels near $25 or higher at around $28 before downside corrections pare gains.
RSI Remains Neutral
The relative strength index for the PI coin remained neutral with a value of 49.48 on the daily charts.