The Pi Network price has moved sideways since March this year as investors await the next important catalyst. This consolidation may be about to end as the token has formed the highly bullish cup-and-handle pattern on the daily chart.
Pi Network Price Has Formed a Cup and Handle Pattern
The daily timeframe chart shows that the Pi Network price has found strong resistance at $0.20. It failed to move above that level on March 21st and April 29th.
It also formed a rounded bottom, which completed the cup section. A closer look shows it is now in the handle section and hovering near the 50-day Exponential Moving Average (EMA).
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This pattern means that the token will soon have a strong bullish breakout, initially to the upper side of the cup. A move above that level will point to more gains to the 50% Fibonacci retracement level at $0.2135.
On the flip side, a drop below the key support at $0.1647 will invalidate the bullish outlook and signal further downside, potentially to the year-to-date low at $0.1295.
Pi Coin Has Some Bullish Catalysts Ahead
The value of Pi has some potential bullish catalysts that will boost its performance in the near term.
One of the main catalysts this week is that its founders will be among the top keynote speakers at the Consensus event in Miami. They will share more details about their network and may have the chance to speak with leaders from companies like Binance and Coinbase.
These exchanges were recently criticized for listing RaveDAO Coin, which surged and then crashed in April. They have also listed tokens like World Liberty Financial and Trump, which have crashed by double digits from their all-time highs. Yet, they have refused to list Pi, a token that has verified over 18 million users.
The other main catalyst for the Pi Network’s price is the ongoing upgrade, which will boost its speeds by leveraging parallel processing. It will also introduce smart contracts to the network, accelerating the rollout of the Pi DEX.
Pi Network is also working on artificial intelligence features, including mining and verification. Its goal is to become a major provider of verification services to companies, especially those in the AI industry.
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