Pi Network price crashed for the fifth consecutive day, reaching its lowest level since November 21. It has moved into a local correction after plunging by over 15% from its highest point in November, bringing its market cap to $1.9 billion.
Potential Catalysts for the Pi Network Price
The Pi Coin price has numerous potential catalysts that may boost its performance in December. First, the token is seeing strong whale accumulation despite the ongoing crash.
Its biggest whale has accumulated over 388 million tokens, currently worth over $89 million, in the past few months. Some of these buying happened last week, when he bought over 5 million tokens. Continued purchases may help to boost its performance this month.
READ MORE: Will the Crashing MSTR Stock Price Rise or Crash in December?
Second, there is still a slim chance that one or major exchange will list it. Such a move would be a major one as top companies like Binance, Crypto.com, Coinbase, and Upbit have resisted listing it.
Third, there is a likelihood that the Pi Network’s ecosystem growth will accelerate in the coming months. The developers recently invested in CiDi Games, a move aimed at making it a gaming platform.
They also invested in OpenMind, a top company in the AI and robotics industry. There is a chance that they will use the $100 million funds to invest in other companies.
Further, there is a likelihood that Pi Network will launch the mannet for the DEX and token generation tool. This platform will enable users to launch their tokens, provide liquidity, and trade in the platform. Such a move will boost the utility of the Pi token.
There are other potential catalysts that will affectt the Pi Coin price. Some of the most notable ones are the MiCA approval, potential Pi Network ETF launch, and a token burn announcement.
Will Pi Coin Price Breakout or Breakdown?
Technicals are also in play this month. The daily chart shows that the Pi Network price has been forming a symmetrical triangle pattern, whose two lines are about to converge.
Therefore, there is a likelihood that the Pi token will exit the ongoing consolidation soon. While such a move will be in either direction, chances are that it will be in the upside. That’s because the token has moved above the Supertrend indicator.
A bullish breakout will have the Pi Network price rise to the psychological point at $0.50, which is much higher than the current level.
READ MORE: Is the IREN Stock Price a Bargain or at Risk of a Deeper Dive?
