Pi Coin Triggers 60% Price Rally Signal Amid Phase 2 Migration Rumors

Pi Coin’s price has dropped to a key support level, potentially setting up for a 60% rebound to $1. Rumors of a Phase 2 mainnet migration are gaining traction, which could resolve users’ delayed KYC issues and potentially boost the Pi Network token’s recovery.

Technical Analysis Points to a Pi Coin Price Rebound

The eight-hour chart shows that the Pi coin price remains under pressure this month as it crashed from $1.6665 in May to the current $0.6485. It has even plunged below the 50-period moving average, a sign that bears have started to prevail. 

On the positive side, it has landed at a crucial support level, which could trigger a rebound. The current price coincides with the ascending trendline that connects the lowest swings since April. 

A closer look shows that it has formed a triple-bottom pattern whose neckline is at $1.6664. A triple-bottom is made up of three lows and a neckline, and often signals that bears are afraid of shorting below the price. 

Technical Indicators Support Recovery 

Technical indicators paint a contrarian view of the Pi Network price.

• The volume has dropped sharply over the past few weeks. In most cases, rebounds start when a cryptocurrency has low volume in the spot and futures markets. The accumulation phase of the Wyckoff Theory is also characterized by low volume. 
• The Relative Strength Index (RSI) has bounced from the oversold point of 30 and is pointing upwards, which is a bullish sign.
• Similarly, the MACD indicator is showing signs of forming a bullish divergence pattern, which forms when it is rising as the price retreats. 

Therefore, if the triple-bottom pattern holds, it suggests that the Pi Network price will rebound soon. The initial level to watch will be the psychological point at $1, which is about 60% above the current level. A move above that level may see it attempt to revisit the highest level in May.

On the flip side, a drop below the triple bottom pattern will invalidate the bullish Pi price forecast. It will risk the coin falling to the all-time low of $0.40.

For a more detailed forecast for Pi Network price between 2025 and 2030 – Read this

Understanding Phase 2 Migration Rumors

As noted above, the Phase 2 migration rumor is a potential catalyst that may drive Pi Coin price higher. Some popular X accounts hint that this development may happen soon. In an X post, one account asked pioneers to confirm their wallets again and complete their two-factor authentication to be eligible for this migration.

The Pi Core Team has not yet confirmed when this migration will happen. However, in a recent post, they noted that they were currently handling migrations of those in the queue. This phase includes those in the verified base, mining rewards, lockup rewards, and other rewards in the network.

They added that the second migration will only occur after the first one ends. It will include referral mining bonuses attributable to referral team members who have completed and passed the KYC verification. Pi Network will then have periodic migrations that will have more rewards for pioneers.  

There is a likelihood that the Pi Network price will rebound when the phase 2 migration happens, as investors anticipate more rewards. However, the main challenge for this hype is the rising Pi Network supply on exchanges and the token unlocks. Over 1.5 billion tokens will be unlocked in the next 12 months, increasing supply at a time when demand remains low. 

Summary

Pi Network token has been in a strong downtrend after soaring in May, with holders waiting for the next potential catalyst. The most bullish one, at least in the short term, will be a major exchange listing. With these listings not happening, the phase two migration may help to drive its price.