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Highlights
- Pi Network price is showing some bullish characteristics that may lead to more upside.
- The token has formed a falling wedge chart pattern, pointing to more gains.
- Pi may also benefit from the potential interest rate cuts by the Fed.
Pi Network price has crashed in the past two months. This crash is mostly because pioneers have largely abandoned ship as exchange listings have remained elusive. Still, its fundamentals and the strong technicals point to a strong surge in the coming months.
Pi Network Price Has Key Catalysts
There are a few reasons why the Pi Network could explode higher in the coming months. First, from a macro perspective, there is a likelihood that Donald Trump will want to do a deal with other countries to prevent the stock market crash. He has already hinted that Japanese negotiators will be coming to the US this week for talks, while Vietnam has promised to end its tariff and non-tariff barriers.
Second, more CEX companies will list it because of its popularity. On Saturday, the token had a volume of over $1 billion as its price surged. The volume on Monday was $447 million, potentially because of the ongoing crypto market crash. Most of this volume was from Gate.io, followed by Bitget and OKX. As such, exchanges like Binance, Upbit, and Coinbase may want to take advantage of this volume.
Third, the Pi Network may soon address the burning question of its dilution soon. With over 1.5 billion tokens set to come online in the next 12 months, the Pi Foundation may decide to burn billions of tokens in the next few months. Some of those tokens will likely come from those of pioneers who are yet to migrate their tokens to the mainnet.
Technicals point to a strong Pi Network price comeback, making it a golden opportunity to buy the dip for long-term gains. The token has been forming a falling wedge pattern, a popular bullish signal in technical analysis. Its two lines of this wedge pattern are nearing their merging point when breakouts happen.
The value of Pi is also slowly forming a bullish pennant chart pattern, a popular continuation sign. This pattern, which is shown in black, has a vertical line and a small triangle.
Therefore, the most likely Pi forecast is bullish, with the initial target being the psychological point at $1, followed by $1.8105, the 50% Fibonacci Retracement level. The final target is 200% above the current level.
A crash below this month’s low of $0.4156 will cancel the bullish forecast. It will point to more downside, potentially to $0.3500.
Frequently Asked Questions (FAQs)
1. Why is this a golden period to buy Pi Network?
2. What is the most likely Pi coin price target?
3. Which exchanges are likely to list the Pi token?
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