Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
Highlights
- Pi Network price has formed a falling wedge pattern pointing to more gains.
- The token has also started to form a bullish divergence pattern.
- The developers have started to focus on creating a robust ecosystem.
Plummeting Pi Network price may be preparing a significant short squeeze after forming a rare wedge chart pattern. The surge will be supported by the recently announced upgrades, which may fuel its ecosystem growth.
Pi Network Price Falling Wedge Pattern Points to a Rebound
There are many reasons to be bearish on the Pi Network price. It is a highly illiquid token that unlocks millions of coins a month and has no utility. Also, it has already plunged by over 90% from its all-time high, losing over $18 billion in value, and is highly centralized.
However, amid all the negative headlines, the token has slowly formed a wedge pattern that could spark a major comeback soon. This pattern is made of two downsloping and converging trendlines. A strong rebound normally happens when the two lines near their meeting point, which is already happening.
Technical indicators also show that the coin may bounce back soon. For example, the two lines of the True Strength Index (TSI) have formed a bullish crossover. The same is true with the Percentage Price Oscillator (PPO). This is a sign that the Pi Coin price has formed a bullish divergence pattern.
One can also argue that the Pi Network price is now in the accumulation phase of the Wyckoff Theory. This is the same phase that popular tokens like OKB and Zcash were in before their recent parabolic moves.
The accumulation stage is characterized by consolidation and low volume. If this is the case, the token will likely surge and reach a high of $0.50. Such a move will be a 150% jump from the current level. On the flip side, a drop below the key support at $0.1400 will cancel the bullish Pi Coin price forecast 2025.
Pi Upgrades and Launches Raise Hopes for Utility
One main reason why the value of Pi has plummeted is that it lacks a utility. This is unlike other top crypto projects like Ethereum and Solana that process millions of transactions every day.
The lack of an active utility has disappointed many users who expected it to disrupt the digital and physical retail and payments industry.
This could be changing after the team announced several major announcements. One of them came in May when the developers launched the $100 million Pi Ecosystem fund to invest in projects in the ecosystem. While no company has been funded, chances are that this will happen soon.
Most recently, the developers unveiled a testnet for the decentralized exchange (DEX) and automated market maker tools. This launch will make it possible for developers to create DEX platforms like Uniswap and PancakeSwap.
Pi Network also launched an upgrade for its App Studio application, introducing AI features to make it easy for developers to build applications.
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