Pi Coin price rose by 5% today, November 26, as it continued to outperform other top cryptocurrencies, including Cardano (ADA) and Solana (SOL). It jumped to $0.2532, its highest level since October 30 and 65% above its lowest level this year. So, what next for the value of Pi as technicals flash bullish signs?
Pi Coin Price Technicals are Flashing Bullish Signs
The daily chart shows that the Pi Network price may be on the verge of a strong bullish breakout in the coming weeks. One of the main bullish signs is that the Supertrend indicator has turned green for the first time in months.
The token has also moved above the 50-day Exponential Moving Average (EMA), a sign of increasing momentum. The Relative Strength Index (RSI) and the MACD indicators have continued rising this month.
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Most importantly, the coin has formed a double bottom pattern, consisting of a horizontal support at $0.2024 and a neckline at $0.2921. A double bottom often leads to stronger gains, especially when it crosses the neckline. In this case, the neckline is at $0.2920.
Therefore, these technicals suggest that the Pi Network price will have a strong bullish breakout in the near term. The initial target to watch is the neckline at $0.2921, followed by the psychological point at $1.
Pi Network Price Has Bullish Catalysts
Pi Coin price has several bullish catalysts that may push it higher in the long term. One of them is that the network’s developers are investing in the artificial intelligence (AI) industry. They launched the Pi AI Studio a few months ago, allowing users to launch their AI products.
The developers also invested in OpenMind, a company building AI and robotics solutions. It still has millions of dollars in funding, which it may use to invest in the sector.
Pi Network’s price may also rebound because of its recent white paper on its MiCA application. Such a move will make it a mainstream product and possibly list it on top crypto exchanges.
Pi Coin price will likely benefit from the ongoing whale accumulation. That whale has been in an accumulation mode for months, a sign that he expects it to rebound after it plunged by double digits from its highest level this year.
Additionally, the developers are working on introducing more utility to the network. They recently launched an upgrade to the Pi App Studio, making it easy for developers to build and launch applications.
Pi Coin price will also benefit if there is a new crypto market bull run, as some investors expect. This rebound will likely happen as investors start buying the current dip.
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