Here’s Why The Pi Coin Price Is On The Cusp Of A Bull Run

Key Insights:

• Pi Coin price has plunged into a bear market this year.
• It has crashed despite the ongoing crypto market bull run.
• Technicals suggest the Pi Network price is on the verge of a breakout.

Pi Coin price has plunged in the past five months, even as the crypto bull run has accelerated. The token crashed from the all-time high of $2.9945 on February 15 to $0.4627 today. Still, the Pi Network has several catalysts that may push it to a bull market in the coming weeks.

Pi Coin Price Technical Analysis Points to a Surge

The daily chart reveals that the Pi coin price has crashed even after Bitcoin and most altcoins soared. It moved from the year-to-date high of $2.9945 in February to the current $0.4630.

Pi Coin has formed two popular bullish patterns that could trigger a bull run in the coming weeks. It formed a double-bottom at $0.4056 and the neckline at $1.6665, its highest point in May this year.

The double-bottom has a height of $1.2600, which is derived from subtracting the neckline from the neckline. This means the most likely Pi Network forecast is $2.92, about 500% above the current level.

Pi Coin price must first cross the vital resistance point at $1 for this bullish breakout. That is a psychological point. It must then move above the double-bottom’s neckline at $1.6664 and the psychological point at $2.

Pi Network has also formed more bullish patterns. For example, it has formed a falling wedge pattern comprising two descending and converging trendlines. In this case, a bullish breakout typically happens when these two lines are about to cross.

Further, there are signs that the Pi coin price was on the verge of a bull run. For one, the spread between the three lines of the Bollinger Bands has narrowed, while its daily volume has slumped.

That could be a sign that it has moved to the accumulation phase of the Wyckoff Theory. This will lead to a short squeeze in the coming weeks.

Potential Catalysts for the Pi Coin Price

Crypto analysts have identified a few catalysts that may cause the Pi Network price to go parabolic in the coming months. The first potential catalyst is that Pi Network is listed in a handful of exchanges, including OKX, Gate, and MEXC.

This means that many more exchanges may list it in the coming months. The most consequential ones are Binance, HTX, Coinbase, Kraken, and Upbit.

Such a listing would lead to a short-squeeze, as some coins have done. For example, Raydium price surged by double digits after its Upbit listing. As such, while no exchange has hinted at a Pi coin listing, history shows these listings happen when least expected.

Second, a Pi Network analyst, Dr. Altcoin, believes that the recently launched Pi AI Studio will be a major catalyst. He pointed out that there were over 12,000 submissions, some of which will be successful.

Pi coin is predicted to become the leading AI-driven crypto project. It boasts a massive community of 60–70 million users. More than 13 million of them are verified, giving it solid credibility. Uniquely, it requires KYB approval, setting it apart in the industry.

The Pi AI Studio and $100 million Pi Network Ventures initiative drive a significant transformation. Together, they aim to shift Pi from a ghost chain into a fully functional utility token. Pi Coin price has been in a strong downtrend as one of the most popular tokens has lost momentum.

The token’s chart shows strong bullish signals, like a falling wedge and a double-bottom pattern. These technical indicators suggest a potential rebound in line with the current crypto bull run.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.