Pi Network price crashed for the fifth consecutive day, reaching its lowest level since November 21. It has moved into a local correction after plunging by more than 15% from its November high, bringing its market cap to $1.9 billion.
Potential Catalysts for the Pi Network Price
The Pi Coin price has numerous potential catalysts that may boost its performance in December. First, the token is seeing strong whale accumulation despite the ongoing crash.
Its biggest whale has accumulated over 388 million tokens, currently worth over $89 million, in the past few months. Some of these buys happened last week, when he bought over 5 million tokens. Continued purchases may help boost its performance this month.
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Second, there is still a slim chance that one major exchange will list it. Such a move would be a major one, as top companies like Binance, Crypto.com, Coinbase, and Upbit have since refused to list it.
Third, there is a likelihood that the Pi Network’s ecosystem growth will accelerate in the coming months. The developers recently invested in CiDi Games, a move aimed at making it a gaming platform.
They also invested in OpenMind, a top company in the AI and robotics industry. There is a chance that they will use the $100 million funds to invest in other companies.
Further, there is a likelihood that Pi Network will launch the mannet for the DEX and token generation tool. This platform will enable users to launch their tokens, provide liquidity, and trade. Such a move will boost the utility of the Pi token.
There are other potential catalysts that could affect Pi Coin’s price. Some of the most notable are the MiCA approval, the potential Pi Network ETF launch, and the token burn announcement.
Will Pi Coin Price Break Out or Break Down?
Technicals are also in play this month. The daily chart shows that the Pi Network price has been forming a symmetrical triangle, with its two lines about to converge.
Therefore, there is a likelihood that the Pi token will exit the ongoing consolidation soon. While such a move could go either way, chances are it will be on the upside. That’s because the token has moved above the Supertrend indicator.
A bullish breakout will push the Pi Network price to the psychological $0.50 level, which is well above the current level.
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