Pi Network continues to move sideways this week, even after Bitcoin and most altcoins broke out. It has remained around the $0.60 level this month, which could trigger a short squeeze in the coming days or weeks.
Pi Network Price Prediction
The 12-hour chart shows that the Pi coin price has remained unchanged this month, despite third-party data indicating higher volume. CoinMarketCap data reveals that the token had a 24-hour volume of $60 million.
A closer look at this consolidation shows that it is happening at a place where it formed a double-bottom pattern. This pattern comprises two distinct low levels and a neckline, which, in this case, is at $1.667, its highest level in May.
A double-bottom pattern usually leads to a strong bullish breakout because it signals that bears are afraid of placing short trades below the price.
READ MORE: Here’s Why Pi Network Coin Price May Surge This Week
Another bullish catalyst for Pi Network’s price is that top volatility indicators suggest a potential squeeze. For example, the historical volatility and Average True Range (ATR) indicators have all plunged as the chart below shows.
Similarly, the three lines of the Donchian channels have narrowed substantially. The same is true with similar indicators like Bollinger Bands and the Klinger Oscillators.
Therefore, these indicators, coupled with the double-bottom pattern, point to a strong bullish breakout in the coming weeks or days. If this happens, the Pi coin price will likely jump to the psychological point at $1, followed by last month’s high of $1.65.
A few catalysts may trigger a Pi Network short-squeeze, with the most important one being a CEX exchange listing. Such a move, especially by an exchange like Binance or Upbit, would likely lead to a strong upside as we saw with tokens like Pocket Network and Livepeer.
Bitcoin Pepe Gains Momentum
Meanwhile, crypto traders are shifting to Bitcoin Pepe, a project that aims to disrupt the meme coin industry. While not a meme coin itself, Bitcoin Pepe is building a Bitcoin layer-2 network that it hopes will become the biggest launchpad for these tokens.
Bitcoin Pepe’s approach mirrors that of other layer-2 networks, such as the Lightning Network, Stacks, Rootstock, and Merlin Chain. The only difference with these ones is that they will be purposely built for meme coins.
While meme coins don’t have any utility, they are some of the most popular cryptocurrencies in the industry. For example, CoinGecko data shows that their 24-hour volume stood at $8.7 billion, with Dogecoin, Pepe, and Dogwifhat being the most popular.
Bitcoin Pepe has already gone viral and raised over $14.1 million from thousands of investors. This momentum has surged recently ahead of a major announcement in which the developers will unveil the listing date. They are also offering a 30% bonus after the first purchase. You can buy Bitcoin Pepe here.
