- Pi Network price may be on the verge of a strong bullish breakout in the coming days.
- The token has formed a highly bullish falling wedge pattern on the daily chart.
- Pi Network has some major catalysts, including the upcoming smart contracts.
Pi Network price rose by over 4% on Friday as it emerged from a highly bullish chart pattern that had been forming in the past few weeks. It was trading at $0.1730, a few points above this month’s low of $0.1650.
Pi Network Price Has Formed a Highly Bullish Chart Pattern
The daily chart shows that the Pi Coin token peaked at $0.2970 in March, ahead of the Kraken listing and Pi Day. It then started falling, reaching a low of $0.1650 as investors booked profits.
This retreat pushed it below the 50-day Exponential Moving Average (EMA), a sign that bears prevailed. On the positive side, the three lines of the Bollinger Bands continued to narrow, a pattern that often leads to a bullish breakout.
At the same time, the token formed a falling wedge pattern, a pattern composed of two converging trendlines. In most cases, this pattern leads to a strong bullish breakout, especially when the two lines meet.
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Pi Coin price has already moved above the upper side of the wedge, confirming the bullish outlook. Also, the Relative Strength Index (RSI) has begun to form a bullish reversal pattern.
Therefore, the most likely scenario is where it continues rising as bulls target the next key target level at $0.2035. A move above that price will signal further gains, potentially to the $0.2500 psychological level.
On the flip side, a drop below this month’s low of $1645 will invalidate the bullish outlook and signal further downside.
Potential Catalysts for the Pi Coin Price
Pi Network has some potential catalysts that may drive it higher in the coming weeks. One of them is the upcoming Consensus event in Miami, where Chengdiao Fan will be among the top speakers.
She will talk about how blockchain infrastructure, verified identity, and a globally engaged network can support utility-driven products and AI-era business models. Pi Network is at the intersection of all these, as it has used a unique approach to conduct a KYC on 18 million token holders.
In a statement, the developers noted that the KYC is what distinguishes it from other popular players in the crypto industry. They noted that 1 million users on Pi Network is not equivalent to 1 million on other chains, as Pi Network users have been verified.
Still, a better metric would be the number of these people who are still active on the network. Chances are, many of these users left the network after completing KYC by liquidating their tokens.
At the same time, it has invested in OpenMind, a leading AI company. As part of this investment, the company has launched a pilot program that allows its pioneers to contribute their resources to the network and earn money.
Another important catalyst for Pi Coin’s price is that the team is in the final stages of its biggest update ever.
This upgrade will introduce smart contracts to the network, enabling creators to build decentralized products. As such, it is possible that, in the future, there will be products like AAVE, Hyperliquid, and Compound in its ecosystem.
Meanwhile, the team plans to monetize the KYC solution by launching a solution that will help other networks verify their users, a move that may increase the token’s utility.
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