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Today (April 19), Pi Network's price rose by 6%. Explore whether now is the right time to sell for profit or hold for more gains.
Pi Network's price increased on April 19 (today), rising 6% in the past 24 hours, with a trading price of $0.65 at the time of writing. Previously, a leading cryptocurrency exchange hinted at listing PI tokens, sparking market optimism. However, despite the price increase, Pi is still 78% below its historical high, leading traders to consider whether now is the right time to sell or hold PI.
Pi Network Price Increase - Time to Sell or Hold?
At the time of writing, Pi Network's price was among the top gainers. However, considering Pi is a newly issued token, traders holding Pi have differing views on its long-term performance.
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Some traders believe now might be a good time to sell PI, with one primary reason being the ongoing token unlocking. PiScan data shows the team will unlock 212 million PI tokens next month. These unlocks are expected to potentially drag down Pi Network's price by increasing circulating supply.
Additionally, there are concerns about Pi's transparency. According to Coingape, some traders worry the token might follow Mantra's recent collapse. These concerns have also triggered selling activities.
However, some Pi token holders believe that despite these negative factors, now is still a good time to hold PI rather than sell. One such holder is Doctor Altcoin, who noted:
The Pi core team is taking action by buying Pi to reduce market supply, which helps stabilize the price. If they continue this strategy, we may not see a significant price drop in Pi, despite the increased unlocking.
Meanwhile, HTX exchange has hinted at plans to list PI, which could signal a positive trend for Pi Network's price. If HTX confirms the listing, PI tokens could see a significant rise. Therefore, considering the potential HTX listing and reduced selling risks after unlocking, traders should consider holding Pi tokens instead of selling.
Pi Network Technical Analysis
Pi Network's price may be about to rise to $1. The four-hour price chart shows the RSI indicator has risen to 51. This increase indicates that bullish momentum is strengthening.
The AO histogram, after shrinking, also confirms the bullish prediction for Pi Network's price. This pattern suggests that bulls are trying to regain control. If the AO histogram breaks above the zero line, the token could enter an upward trend.
As Pi's bullish momentum strengthens, traders should closely watch its potential breakthrough of the $0.69 major resistance level. If Pi's price can break through this resistance, it could trigger an upward trend, with a target price of $0.91. This would bring the token closer to reclaiming the $1 mark.
In summary, as the Pi Network four-hour price chart shows, bullish momentum continues to rise, which is another reason traders should consider holding Pi tokens. However, given the token's volatility, it could still potentially erase recent gains, so some traders might choose to sell for profits.
