Pi crypto coin price was left in the dust this week as investors piled into Bitcoin and other altcoins. The once-popular token was trading at $0.4712 on Saturday, July 12, a range it has remained stuck in the past few days.
Chart Pattern Points to a Pi Crypto Coin Price Surge
Pi Coin price has remained under pressure this week, even as Bitcoin surged to a record high, triggering a massive bull run among altcoins.
This performance was likely due to the ongoing token unlocks, which have led to a substantial increase in supply.
Still, the daily chart suggests an eventual price recovery for Pi Network in the coming weeks. The chart shows that it formed a double-bottom pattern at $0.3980, its lowest level in April and in June.
This pattern had a neckline at $1.6695, its highest level on March 12 of this year. A double bottom is a common bullish reversal pattern in technical analysis.
Pi Network’s Relative Strength Index (RSI) has moved from the oversold level of 30 to the current 40. The MACD indicator has been moving sideways over the past few weeks.
The Pi crypto coin has also formed a falling wedge pattern, another popular bullish reversal sign. Therefore, the token is likely to experience a bullish breakout, with the next target point to watch being $1, representing a 115% increase above the current level.
A move above the resistance point at $1 will indicate further gains, potentially reaching the resistance point at $1.66965, the neckline of the double-bottom pattern. This forecast implies a surge between 115% and 250%.
The bullish Pi Network price will be invalidated if it falls below the key double bottom at $0.3980.
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Why Pi Network Price May Rebound
There are three main reasons why the Pi token price may rebound in the coming weeks. First, the most important reason is the ongoing crypto market bull run, triggered by Bitcoin’s surge to $118,500. Historically, most altcoins have often jumped when BTC is doing well.
Second, there is still a limited chance that several notable exchanges will list it soon. Pi is only listed on a handful of exchanges, including OKX, Bitget, MEXC, Gate, and Pionex. As such, listing by top exchanges like Upbit and Binance will lead to a parabolic move.
Third, Pi Network price may rebound as the token unlock pace slows in the coming months. The unlock schedule will drop from 163 million this month to 93 million in October.
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