Key Insights
- Pi Network price technicals suggest that a rebound is possible.
- The recent investment in OpenMind may help boost its performance.
- Pi Network currently presents an attractive balance between potential benefits and limited risks.
Pi Network price has been in the spotlight this week as it jumped by 65% from its lowest point this month. While this could be a dead-cat bounce, there are reasons to expect that the Pi Coin price may rebound by 98% to $0.50.
Pi Network Price Technicals Suggest the Rebound Has More Gains
The daily timeframe chart shows that the PI Coin price has been in a strong downward trajectory. This month, it plunged to a record low of $0.1535 as the crypto market plunged.
PI price formed a hammer candlestick pattern after that crash, which partially explains why it has rebounded in the past few weeks. This pattern is characterized by a small body and a long lower shadow, making it one of the top reversal candles.
Pi Network price has been forming a falling wedge pattern since June this year. This pattern is characterized by two descending and converging trendlines. A rebound happens when both trendlines are near their confluence level. The recent rebound shows the same scenario.
Technical indicators point to more gains in the coming weeks. For example, the two lines of the True Strength Index (TSI) indicator have made a bullish crossover pattern. They are pointing upwards and nearing the zero line.
The Relative Strength Index (RSI) has also moved upwards and is nearing the overbought level of 70. Therefore, a combination of the falling wedge pattern and bullish technicals suggests that the coin has more upside potential in the coming weeks.
The distance of the widest part is about 45%. Measuring this distance from where it made a bullish breakout brings the target price to $0.3528. A move above that level could trigger the Fear of Missing Out (FOMO). It could push PI price to the next psychological level of $0.50.
On the other hand, a drop below the year-to-date low of $0.1536 could mean that bears have prevailed. That could push Pi Coin price much lower than the current level.
Potential Pi Utility After Open Mind Investment
One reason the Pi Coin price has crashed since its mainnet launch is that the existing mainnet-ready applications have not gained popularity among users. This, in turn, made it a ghost chain, which is a blockchain network with no activity.
This situation may change after the developers unveiled the first investment as part of the $100 million venture fund launched in May of this year.
The developers invested in OpenMind, a company that describes itself as the Uber for Robots. It is unclear how much money Pi invested in OpenMind. However, the company recently raised $20 million from Pantera Capital, Coinbase Ventures, Topology, and LightSpeed.
The new investment came as the developers are ramping up development activities. For example, they have launched a testnet for decentralized exchanges (DEX) and Automated Market Makers (AMM) capability. This new feature will enable developers to build applications like Uniswap and Morpho.
Encouraging Risk-Reward Ratio
Additionally, Pi Network is a high-risk and high-reward opportunity. The biggest risk is that the project could collapse, which will push the price much lower. On the other hand, the Pi Network has major potential that may catapult it higher from the current level.
Some of these opportunities are low-hanging fruit. For example, the developers can announce a major token burn that reduces the maximum supply from 100 billion.
That announcement would likely propel it much higher than where it is today. A good example of this is OKB price, which surged by over 300% within days after the team announced a token burn.
Another low-hanging fruit is a commitment to decentralization, which would boost the possibility of it receiving exchange listings. Odds of more listings will increase if Pi Network receives the rumored ISO certification.
Other potential catalysts for the Pi Network price are a potential Pi ETF application in the United States and robust ecosystem growth.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
