Pi Network price crashed in March as it lacked a clear bullish catalyst and as the market remained concerned about its burn rate. The Pi coin crashed to a low of $0.83 on Friday, meaning it collapsed by over 65% in March. So, will the popular tap-to-earn token recover in April?
Pi Coin Outlook for April
Pi Network retreated sharply in March this year as more exchange listings were not achieved. The biggest disappointment came from Binance, the biggest crypto exchange in the industry. It has yet to list the coin even after users voted overwhelmingly, with over an 80% margin, to list it.
A potential exchange listing by Binance in April could be a catalyst for the Pi Network’s price. Other notable exchanges that may drive its price higher are South Korean giants such as Upbit and Bithumb and US companies like Coinbase, Kraken, and Gemini.
A likely reason these companies have yet to list the Pi Network coin is the project’s obscure transparency. Some, like Bybit, believe that Pi Network is a scam with limited disclosures. However, this view is flawed since these companies have listed many meme coins with questionable histories.
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The other potential catalyst for the Pi Network price will be the crypto industry’s performance. After a difficult first quarter, most coins will likely bounce back in April as investors buy the dip.
The key bearish catalyst to watch will be upcoming token unlocks. Data shows that the Pi Network will unlock 117 million coins in April, followed by 182 million next month.
Pi Network Price Prediction
The four-hour chart shows that the Pi coin price has been under pressure in the past few weeks as it failed to attract investors’ bids. It has constantly remained below the 50-period moving average, a bearish sign.
On the positive side, the BBTrend indicator is forming a bullish divergence pattern. Also, the coin has formed a giant falling wedge pattern. It has already moved slightly above the descending wedge pattern.
The widest level of the wedge pattern is about 65%. Measuring the same distance from the breakout point means the Pi Network price will surge to $1.5 in the coming weeks.
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