The Pi Network coin price has remained relatively stable over the past few days, as demand has remained muted. The token was trading at $0.6327 on Monday, a level it has maintained since the start of the month. This price is about 63% below its highest point on May 12 and 75% below its all-time high. Let’s explore why the token may rebound soon.
Pi Network Price Technical Analysis
The eight-hour chart indicates that the Pi Coin price has remained in a tight range over the past few days. Notably, it remained in this consolidation last week when Bitcoin price crashed to $100,000, triggering a crypto market crash.
The Pi Coin price has stalled at an important support level that coincides with the ascending trendline connecting the lowest swings since April 5 this year.
This price action means that the token has formed a slanted triple-bottom pattern whose neckline is at $1.6783. This pattern often leads to a strong bullish breakout, with the initial target at $1.6783, approximately 163% above the current level.
The initial Pi Coin price target to watch is $1, which is a psychological point and 57% above the current level.
Pi Network has also formed a bullish divergence pattern as the MACD indicator has pointed upwards and is nearing the zero line. The Relative Strength Index (RSI) has also formed a bullish divergence pattern.
This divergence happens when an oscillator rises while the price is in a downtrend. It is a highly bullish pattern that triggers a bullish breakout.
All this is happening at a time when its volume has dropped from its all-time high. In most cases, breakouts happen when market participants least expect them and when an asset has low volume.
Potential Catalysts for Pi Coin
The most important catalyst for Pi Coin price is an exchange listing by one or more companies. Because of its popularity, a listing may trigger a triple-digit short squeeze. Most recently, tokens like Orca, Pocket Network, and Livepeer surged by over 200% after their Upbit listings.
Pi Network’s centralization is a major hindrance to this listing. However, this factor may not prevent at least one or more exchanges from listing it in the coming weeks or months.
The other potential catalyst for the Pi Network coin price is this month’s Pi Day 2, which will happen on June 28. There is a chance that the developers will make a big announcement before that day, which may trigger a surge.
Furthermore, the community is awaiting the second phase of the mainnet, which will offer additional rewards to the pioneers. The date reveal may lead to more gains in the coming months.
