The Pi Network price has broken out after consolidating for over a month. The token was trading at $1.06 on Sunday, up almost 100% from its lowest level this month. It is hovering at its highest level since March, giving it a market cap of over $7.5 billion, making it the 27th biggest coin in the crypto market.
Pi Coin Price Waits for a Key Ecosystem Announcement
The Pi Network price will be in the spotlight this week as the Consensus event kicks off in Toronto. This is a big event that brings in some of the top leaders in the crypto and political space, including Robert Hines and Eric Trump.
Pi Network’s co-founder, Nikolas Kokkalis, will be one of the top speakers at the event, and the Core Team has promised major ecosystem news. This is the first time that the developers have hinted at a major announcement in advance.
It is unclear what this announcement will be about. However, most analysts anticipate that Pi Network will announce a new exchange listing, either by a company like Binance or HTX, two of the leading exchanges in the industry.
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Binance’s users voted to approve a listing, while HTX has been posting hints of a potential listing for weeks. And Justin Sun, HTX’s advisor, will attend the event in Toronto this week.
Other potential market-moving events may move the Pi Network price this week. For example, addressing the elephant in the room regarding its tokenomics and centralization can be a big thing.
On tokenomics, the team may address the ongoing token unlocks that flood the market with millions of Pi coins a month. Additionally, concerns about centralization regarding the Core Team’s control over the network may be addressed.
Pi Network Price Technical Analysis
The eight-hour chart shows that the Pi Coin price has remained in a tight range in the past few weeks. During this period, it remained between the support and resistance levels of $0.5572 and $0.7910.
This consolidation has been part of the accumulation phase of the Wyckoff Theory. It also coincided with the narrowing of the Bollinger Bands, which is usually followed by a parabolic move.
The Pi Network price has moved above the 23.6% Fibonacci Retracement level. Therefore, the coin will likely keep rising as bulls target the 50% retracement point at $1.70, up by 60% from the current level.
Alternatively, the token may fall to retest the $0.7910 support and then resume its uptrend.
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