Pi Network price rose for two consecutive days, reaching its highest level since November 3. It has jumped by nearly 20% over the last 30 days, outpacing Bitcoin’s 16% decline over the same period. So, will Pi Coin rebound?
Pi Network Price Technicals Suggest a Surge is Coming
The daily timeframe chart shows that the Pi Coin price has remained in a narrow range this month. It has remained at $0.2368 in the past few days, even as the crypto market crashed.
The coin is showing bottoming signs. For example, it has formed a double-bottom pattern, which often leads to a rebound. If this happens, the initial target will be at $0.2950, its neckline.
The other key technical is that the coin has formed a falling wedge pattern, which is made up of two descending and converging trendlines. These two lines have converged, and the coin has moved above the upper side.
Most importantly, the coin seems to be in the accumulation stage of the Dow Theory. This theory, which is similar to the Wyckoff Method, states that an asset goes through the accumulation, markup, and distribution.
Therefore, there is a likelihood that the coin will have a strong bullish breakout in, potentially to the psychological point at $0.50, much higher than the current $0.2365.
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Potential Catalysts for the Pi Coin Price
There are a few reasons why the Pi Network price may surge soon. First, Pi Network’s developers are working to have it MiCA-compliant. They recently published their MiCA whitepaper explaining why it should be approved. If this happens, there is a chance that it will be listed by more European exchanges.
Second, there are rumors that the developers are working on ISO certification alongside other tokens like Stellar and Ripple. The team has not confirmed this. However, if such a thing happened, it will potentially push more exchanges to list it.
Third, the biggest Pi Coin whale has continued to accumulate the token despite the recent weakness in the crypto industry. He bought 58,781 coins on Wednesday after he bought 917,000 a day earlier. He now holds 377 million coins valued at over $88 million.
Additionally, the developers are pivoting the network to the artificial intelligence industry. In addition to launching the Pi AI Studio a few months ao, the developers recently invested in OpenMind.
The two companies are exploring a way for enabling node operators to provide services to third parties in the AI industry. Such a move will likely create more utility for the coin.
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