Pi Network price has crashed for three consecutive months and is now hovering at its lowest level on record. It has plunged by 90% from its highest point this year, erasing billions of dollars in value. This article explores what to expect with the Pi Coin value in September.
Pi Network Upgrade, Token Unlocks, and Potential Exchange Listing
The Pi Coin price outlook for September will be impacted by three main catalysts. First, the network will go through a major upgrade as part of the upcoming Stellar Network protocol 23 upgrade, which is notable because it is currently on version 19.
The upgrade will lead to enhanced smart contract flexibility, node coordination, and expanded utility support. While this upgrade is important, its impact on the Pi coin price will be muted, as it will not affect the tokenomics.
Pi Network price will also be impacted by the upcoming 163 million worth $60 million in unlocks. Token unlocks have contributed to the ongoing price crash by increasing the supply at a time of limited demand.
The most important potential catalyst for the Pi value will be the potential exchange listing by major companies like Binance, Upbit, and Coinbase. These listings would be highly bullish for the Pi token, as some of the recently listed tokens have experienced significant price increases.
Another potential development that could significantly increase its value is the introduction of a token burn mechanism and a Pi Network ETF application. Just last week, Valour Capital launched a Pi Fund in Sweden.
Pi Network will also benefit from potential interest rate cuts by the Federal Reserve, which will boost the stock market.
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Pi Network Price Technical Analysis
The 12-hour chart shows that the Pi Coin price has declined over the past few months, as it has moved from a high of $1.6567 in May to its current level of $0.3673. It has formed a double-bottom pattern at $0.3353 and a neckline at $0.4648.
Pi Network price has also formed a falling wedge chart pattern, a common bullish reversal sign. The three lines of the Bollinger Bands have narrowed, while signs indicate that the market has moved into the accumulation phase of the Wyckoff Theory.
Therefore, the token is likely to experience a strong bullish breakout in the coming days. If this happens, the next potential target for the coin will be $1, meaning a 175% surge from the current level.
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