The Pi crypto price has plummeted since its mainnet launch in February, turning one of the most popular coins into a fallen angel.
Summary
- Pi Network price has crashed and hovering near its all-time low.
- Technicals, including a double-bottom pattern points to a rebound.
- It has also formed a large falling wedge chart pattern.
Pi Network (PI) was trading at $0.3985 on Monday, down 87% from its highest level this year. Still, technical analysis points to an eventual recovery in the coming days.
Pi crypto price technical analysis
The 12-hour chart shows that Pi crypto has formed several bullish patterns that could trigger a 154% surge from the current level. It has formed a double-bottom pattern at $0.40 and a neckline at $1.6640.
A double bottom is made up of two lows, which, in this case, are at $0.40. It also has a neckline at $1.6640, its highest level in May this year.
Additionally, Pi Network has formed a large falling wedge pattern, which consists of two descending and converging trendlines. A bullish breakout occurs when the two lines near their confluence.
Technical indicators also point to potential major moves ahead. For example, the spread of the three Bollinger Bands has continued to narrow, which often precedes a breakout.
The Relative Strength Index has moved from the oversold level of 19.7 to 52, while the two lines of the Percentage Price Oscillator have formed a bullish crossover and are pointing upward.
Most importantly, Pi crypto is in the accumulation phase of the Wyckoff theory. This pattern is characterized by low volume and sideways movement.
Therefore, the most likely outlook is for Pi Network to surge and move toward the psychological level at $1, which is 154% above the current price.
Potential catalysts for Pi Network
The first potential catalyst that may boost the Pi Network price is the ongoing crypto market rally. Bitcoin (BTC) has already flirted with the all-time high, and it is likely to cross it soon. A crypto rally, and potential altcoin season, will likely boost Pi and other tokens.
Another possible catalyst is a centralized exchange listing by one or more companies such as Binance, Coinbase, HTC, or Upbit. Historically, tokens have rallied sharply after exchange listings. For example, Floki surged last week after a Robinhood listing, while TOSHI and WLD soared after Binance listing.
Pi Network’s price could also rise if the developers announce further decentralization and token sale measures. Such steps would help to address or mitigate ongoing token unlocks.
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