Pi Network price has been in a free fall this month as buyers remained on the sidelines. The token plunged to a low of $0.4700 on Thursday, its lowest level since early April. It has dropped by over 70% from its highest level in May. Here are the top reasons why the Pi Coin is about to soar.
Pi Network Price Technicals Point to a Surge
The 12-hour chart explains why the Pi Coin price is about to surge. First, Pi’s volume has been in a free fall in the past few months. Its volume indicator moved to 1.26 million in May, and is now just 50,000 today.
At the same time, the Average True Range (ATR) has plummeted to a record low, indicating that volatility has decreased significantly. The Bollinger Bands indicator has narrowed substantially in the past few weeks.
Therefore, the coin could go through a Bollinger Band squeeze later this month. Most notably, the token has formed a double-bottom pattern at $0.3945 and the neckline at $1.6622. This is one of the most popular bullish reversal patterns.
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Pi Network price has also formed a falling wedge pattern, another highly popular reversal pattern. Therefore, the Pi Coin price is likely to experience a bullish breakout in the coming weeks, with the next key level to watch being the psychological point at $1, followed by the neckline at $1.6622.
However, a drop below the neckline at $0.3945 will invalidate the bullish Pi Network price forecast.
Why the Pi Coin is About to Surge
There are a few reasons why the Pi Coin price may surge this month. First, the odds of a crypto bull run have increased now that Bitcoin has reached a record high this year. Such a move will benefit most cryptocurrencies, including Pi.
Second, the value of Pi Network will benefit from the potential growth of its ecosystem. For example, the developers launched Pi Network Ventures, a $100 million Initiative, in May. It aims to invest these funds in high-quality projects within the ecosystem.
Most recently, the network unveiled Pi AI Studio, which enables developers to launch AI projects quickly and easily. Data shows that Pi App submissions have jumped to 12,000 in just a few days. In a note, Dr. Altcoin, a popular analyst, noted that Pi Network may become the biggest project in crypto.
Third, the PI Network price may benefit if it is listed on a major cryptocurrency exchange, such as Upbit, Binance, or Coinbase. Such a listing would trigger a significant short squeeze as soon as it occurs.
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