Pi Network price has crashed in the past few weeks, but a bullish breakout may be coming ahead of Pi Day 2. The token was trading at $0.5400 on Friday, down by over 68% from its highest point in May.
Pi Network Price Prediction as a Bullish Pattern Forms
The eight-hour chart shows that the Pi Coin price has been under intense pressure in the past few weeks, as the crypto market crash happened.
However, there is a silver lining that may push it higher in the coming days. The chart below shows that the token has formed a falling wedge pattern. This pattern comprises two descending and converging trendlines.
In most cases, a bullish breakout normally happens when the two lines of the wedge pattern meet at their confluence level. In Pi’s case, these two lines are about to meet, which may lead to a bullish breakout.
At the same time, the spread between the three lines of the Bollinger Bands has narrowed, while the Average True Range (ATR) has plunged. These indicators mean that the token’s volatility has largely dried.
Therefore, it is likely that the Pi Network price will surge and possibly retest the psychological point at $1, which is about 84% above the current level. A drop below this month’s low will invalidate the bullish view.
The potential bullish catalyst for the Pi coin price is the upcoming Pi Day 2 on June 28. There is a chance that the developers will deliver a major announcement on that day.
The other notable catalyst is that the mainnet launch phase 2 will happen soon, rewarding the pioneers. Most importantly, there is still a slim chance that one exchange will list it, which could push its value much higher.
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Bitcoin Pepe (BPEP) is thriving
Pi Network has been one of the biggest disappointments this year as its token crashed after the mainnet launch.
With this in mind, many investors are now moving to Bitcoin Pepe, a crypto project that aims to disrupt the meme coin space. Its approach is to disrupt popular layer-1 and layer-2 networks, such as BSC and Solana, by creating a unique layer-2 network for meme coins on Bitcoin.
Recent data shows that there is demand for Bitcoin scaling solutions. For example, Bitcoin staking solutions like Lombard Finance and Babylon are seeing substantial inflows, while Ordinals continue to have high transaction volumes.
Bitcoin Pepe investors, who have already given it over $15 million, hope that it will become a major player in the industry.
The next key catalyst for the BPEP token will be the upcoming token listing, which may happen as early as July or August. Learn more about Bitcoin Pepe here.
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