Pi Network Coin price has rebounded in the past few weeks, moving from a low of $0.1295 in February to the current $0.1678. It has outperformed popular tokens like Bitcoin and Ethereum. This article highlights some of the top reasons why Pi Coin may be on the cusp of a rebound.
Pi Network Coin Price Has Formed Bullish Technicals
The daily chart shows the Pi token has performed well over the past few weeks. It has moved above the Supertrend indicator, a sign that bulls have remained under control. It is the first time that the indicator has turned green since December last year.
Pi Coin is attempting to move above the 50-day Exponential Moving Average (EMA), which would confirm the bullish breakout.
At the same time, the coin has formed a bullish flag pattern, consisting of a vertical line and a descending channel. This pattern often leads to more gains, especially when it moves above the upper side.
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Oscillators have also continued to rise over the past few weeks, with the Relative Strength Index (RSI) moving from the oversold level of 19 to the current 50.
Therefore, these patterns point to more gains, with the initial target being at $0.2064, its highest point this month. A move above that level will signal more upside, potentially to the psychological $0.2500 level.
Potential CEX Listings
The other main reason why the Pi Network price may rebound is the potential listing by top crypto exchanges. A good example of this is Kraken, a top player in the crypto industry, valued at over $20 billion.
Kraken has included it in its listing roadmap for the year, raising the possibility that this will happen. A listing will make it available to millions of people, especially Americans, who use Kraken every day.
Additionally, it might motivate other major crypto exchanges, such as Binance, Coinbase, and Upbit, to list it. This will be the first time that a major exchange has listed it since its mainnet launch. Today, most Pi token trading occurs on exchanges like OKX, MEXC, and Gate.
Potential Crypto Market Rally
The other main reason the Pi Network Coin price may rally soon is signs that the crypto market is about to bottom, which could lead to more gains in the near term.
The Crypto Fear and Greed Index has jumped to 16 from the year-to-date low at 5. In most cases, crypto market rallies occur when the index continues rising out of the extreme fear zone.
There are also signs that Bitcoin has bottomed, as it has failed to move below the key $60,000 support level.
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