The Pi Network price has performed well over the past 30 days despite the intensifying crypto market crash. The token has jumped by nearly 20% in the last 30 days, while Bitcoin and Ethereum have plunged by 21% and 27%, respectively.
Why Pi Network Price is Beating Other Cryptocurrencies
Pi Network price is doing relatively well, as it has continued to outperform other coins over the past few weeks. There are several reasons why this is happening. First, one major whale has continued to accumulate the token in the past few weeks.
He bought 375,214 coins on Saturday, bringing his weekly purchases to more than 2.4 million, currently worth over $580k. He now holds 377 million Pi Coins, worth about $91 million, making him the largest holder after the team.
Second, the Pi Network price has risen since the team published a white paper making the case for Markets in Crypto-Assets Regulation (MICA). If granted, it would be one of the top tokens to do so, and would push more European exchanges to list it.
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Third, there are online rumors that Pi Network is applying for new ISO regulations, which would align it with the financial services industry. Still, BanklessTimes has not been able to verify this, and Pi’s name is not listed on ISO’s repository.
Additionally, Pi Network is slowly establishing itself as an artificial intelligence (AI) token. The developers recently invested in OpenMind, a company at the intersection of the artificial intelligence and robotics industries.
As part of this investment, the two sides explored ways for Pi Network node operators to provide services to companies in the AI industry and earn a return. If successful, such a move will provide the coin with another utility.
Pi Network’s developers have also made major upgrades to the App Studio, enabling users to build applications more easily. They also launched a new upgrade to the node, including one that enables more reliable and secure node bonus calculation.
Pi Coin Price Technical Analysis
Technicals suggest the Pi Coin price may be on the verge of a strong bullish breakout, as it has formed several bullish patterns. Pi Network formed a double bottom, one of the most common bullish reversal patterns in technical analysis.
Pi Network has also moved above the upper side of the falling wedge pattern, which is one of the most popular bullish reversal signs. Its top oscillators, such as the Relative Strength Index and the MACD, have all pointed higher.
Therefore, the most likely scenario is where the Pi Coin price rebounds and retests the important resistance level at $0.2920, the neckline of the double-bottom pattern.
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