- Pi Network price formed a double-bottom pattern on the daily chart.
- This pattern points to more gains in the near term, potentially to $0.25.
- Nikolas Kokkalis and Chengdiao Fan will speak at the Consensus event.
Pi Network price jumped by over 4.50% on Sunday, reaching its highest point since April 18. It has risen by nearly 10% from its lowest point this month, and this recovery may continue ahead of a major speech by Chengdiao Fan and Nicolas Kokalis at the Consensus event in Miami.
Chengdiao Fan and Nicolas Kokalis Speeches Ahead
Pi Coin price has done relatively well in the past few days, and this rally may continue in the foreseeable future. In addition to forming a double-bottom pattern, the coin will react to an upcoming Consensus event in Miami scheduled for May 5-7 this year.
The main catalyst for this event will be talks by Fan and Kokkalis, its founders. Fan will deliver a presentation exploring how Pi’s blockchain infrastructure can support products in the new AI era. She will likely talk about the success of the KYC network that has verified over 18 million people in the past few months.
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In a recent statement marking the first anniversary of the mainnet launch, the developers noted that they were considering launching a KYC-as-a-Service
This could be a big business in the future, as evidenced by the recent Worldcoin deal with companies like Zoom Video and Okta.
Nicolas Kokkalis, on the other hand, will join a panel discussion on human identity and authenticity in an AI world.
The speeches come as the developers launched the testnet subscription smart contract for technical review and community feedback. This is a major development, as it is in the process of implementing smart contracts on its platform through the ongoing core network upgrade.
Pi Network Price Technical Analysis
The daily timeframe chart shows that the Pi Coin price has been trading sideways over the past few weeks. A closer look shows it has formed a double-bottom pattern at $0.1625 and a neckline at $0.2975, which is its highest point on March 13.
The two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover pattern and are pointing upwards. It is about to flip the neutral point and move above the zero line.
The Relative Strength Index (RSI) has also been rising and has crossed the neutral 50 level. Therefore, the token will likely continue rising as bulls target the key resistance level at $0.25, which is about 40% above the current level.
On the other hand, a move below the key support at $0.1600 will invalidate the bullish outlook and signal further downside, potentially to $0.1500.
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