Pi Network Coin price trades at $0.1938 today, March 7. It jumped by 11%, making it the second-best-performing top-50 coin. It has now soared to its highest level since February 14, and is up by 50% from its lowest level this year. This rally may accelerate as traders wait for major announcements on Pi Day.
Pi Network Coin Price Jumps Ahead of Pi Day
The ongoing Pi Coin price bull run has been driven by several important catalysts. One of the most important ones was the first anniversary of the mainnet launch, which happened on February 20th.
In a statement celebrating the milestone, Chengdiao Fan and Nikolas Kokkalis, the founders, highlighted key milestones and future plans, including the progress on KYC and the upcoming DEX and AMM launch.
The next important date will be on March 14, which is celebrated globally as Pi Day. Historically, Pi has used this day to make major announcements about the project. Indeed, in a statement on Wednesday, they noted that the goal is to complete the current stage of its mainnet upgrade on that day.
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Traders on social media are speculating that Kraken may list it that day. Such a move would lead to higher liquidity as American investors start buying. All the crypto exchanges that offer Pi have a limited market share in the United States.
Another hope is that the team will use the event to launch the decentralized exchange (DEX), token creator, and automated market maker (AMM) tools that have been on the testnet for a while.
The team hopes that all tokens created on the platform will have value or utility. This is unlike Solana and Ethereum that have become popular among meme coin creators.
These tokens will be traded on its DEX marketplace, a move that will create utility for the token. Additionally, the team may decide to distribute the validator rewards that day.
Pi Coin Price Prediction: Technical Analysis
Pi Network token has bounced back after bottoming at $0.1300 on February 11. This rebound has seen it outperform some of the top coins like Solana, Ethereum, and Bitcoin.
Most notably, unlike other cryptocurrencies, it has turned the Supertrend indicator green. Supertrend is a tool that uses the Average True Range to generate buy or sell signals.
Further confirming the bullish bias is its move above the 50-day moving average. This sends a signal that bulls are prevailing.
These indicators suggest that the Pi Coin price has room to rise further. For this to happen, it needs to flip the key resistance at $0.2050 into support. Such a move will invalidate the double-top pattern whose neckline is at 0.1550. A move above that price will point to more upside, potentially to $0.2500.
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