- Pi Network price has rebounded in the past few days.
- Chengdiao Fan and Nikolas Kokkalis will talk at the Consensus event.
- The coin may rise ahead of the event and then pull back.
Pi Network price made a cautious recovery, thanks to the ongoing network upgrades and the upcoming Consensus event in Miami next week. It was trading at $0.1870 on Wednesday morning, up by 13% from its lowest level this month.
Pi Network Price Rises Ahead of Consensus Event
The Pi token is rising this week and beating other top cryptocurrencies like Bitcoin and Ethereum.
It jumped to its highest level since March 21st as investors awaited the upcoming Consensus event in Miami, where Chengdiao Fan and Nikolas Kokkalis will be among the speakers. Pi is also one of the event’s sponsors.
Still, history shows that Pi Network price drops after major events. A good example is what happened last year when it surged from $0.557 to $1.6 ahead of the Consensus event.
The team had hinted that it would make a major announcement ahead of the event. It then dropped sharply after the company unveiled Pi Network Ventures, a $100 million fund for investing in startups.
Most recently, Pi Network’s price jumped ahead of Pi Day and the Kraken listing. It rose from $0.1300 in February to a high of $0.2980 and then plunged after the two events.
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This price action is known as buying the rumor and selling the news. It is a situation in which investors buy assets before a major event and sell them after it occurs.
The same will likely happen after the Consensus event happens next week. For one, the two founders are unlikely to discuss anything new beyond what they have revealed in the past. Also, while the Consensus event is a big deal, many Pi traders don’t follow the sessions.
The two will likely talk about the KYC process that has verified over 18 million people in the past few years. Their goal is to provide this technology to other companies to help them verify users, especially in the new AI era. They will do that by launching the KYC-as-a-Service solution to compete with Humanity Protocol and World.
Pi Network Price Prediction: Technical Analysis
The daily chart shows that the Pi Coin price has rebounded over the past few days, moving from a low of $0.1640, where it formed a double bottom.
Pi rebounded after the spread of the three lines of the Bollinger Bands narrowed. It has now moved above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) and the Stochastic Oscillator have continued rising.
Therefore, the coin will likely continue rising in the near term, potentially to the next important resistance level at $0.25. It will then retreat as investors book profits and sell the Consensus news.
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