Pi Network price has rebounded in the past few days, moving from the all-time low of $0.1300 earlier this month to the current $0.1850. It has outperformed other popular coins like Bitcoin, XRP, and Solana.
Why Pi Network Price is Soaring
Pi Coin price has done well in the past few days as investors have reacted to several important catalysts. For example, the developers have made some major announcements recently, including on the network upgrade from Protocol 19 to Protocol 23 of the Stellar Consensus network.
The upgrade to v19.6 started on Sunday, while the upgrade to v19.9 will start on February 27. This will be followed by v20.2 on March 12, with the next four upgrades happening at a later date.
Pi Network price has rebounded as the possibility of a token listing by Kraken continued rising. Kraken has added it to the roadmap page of its listing, a sign that it may happen in the coming weeks or months.
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Kraken is one of the biggest companies in the crypto industry, with its most recent fundraising round valuing it at over $20 billion. A Pi Coin listing may push more companies like Binance and Coinbase to do the same, a move that will lead to more demand. Crypto prices often go parabolic when they are listed by large exchanges.
Pi Network token has jumped ahead of the validator rewards distribution, which will happen in the last week of March this year.
Additionally, the token is rising as market participants reacted to the recent KYC and mainnet migration updates. The developers launched new tools to accelerate the KYC process, which made nearly 2.5 million pioneers eligible for the migration. It is also testing a palm print verification for further authentication as its top whale starts buying.
Pi Coin Price Prediction: Technical Analysis
The 12-hour chart shows that the Pi Network price has rebounded in the past few days, moving from a low of $0.1300 earlier this month to the current $0.1850. It has moved to the 38.2% Fibonacci Retracement level.
The token is slowly forming a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle. It has moved above the 50-period Exponential Moving Average.
Therefore, the most likely Pi Network price prediction is where it continues rising, with the initial target being at $0.2055, the 50% Fibonacci Retracement level. A move above that level will point to more gains, potentially to the 61.8% retracement point at $0.2550.
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