The Pi Network price remains in a bear market, retreating to a low of $1.4 on Wednesday, which reflects a decline of over 52% from its peak in February. Will the Pi coin price surge to $3.14 as the market reacts to the Pi Day celebrations?
Pi Day To Happen on March 14
The main catalyst for the Pi Network price this week will be the Pi Day celebration. Pi Day celebrates the mathematical constant pi. It has been celebrated every 14th day of March since 1988, when Larry Shaw established it.
This Pi Day will also be important for two other reasons: the end of the KYC grace period and the Lunar Eclipse. The developers have noted that it will be the final extension, meaning that pioneers who do not migrate their tokens to the mainnet will lose them.
Additionally, Pi Day will coincide with a total lunar eclipse known as the blood worm moon, during which the moon will be covered by Earth’s shadow. According to experts, the totality phase will take about 65 minutes.
Although unproven, some believe the end of the Lunar Eclipse may usher in the next wave of the crypto bull run. Thus, with this eclipse happening on Pi Day, there is a chance that the token will see more activity.
Additionally, major crypto exchanges may use Pi Day to list the Pi Network. Binance, whose community members have voted to list it, is probably the most likely exchange to pursue this. Other top exchanges, like Coinbase and Kraken, may also decide to list the token.
Pi Network Price Analysis
Pi Coin Price Chart. Source: TradingView
The two-hour chart indicates that the Pi coin price has stagnated recently and has dropped by over 52% from its highest level this year.
The coin has formed a head and shoulders pattern, a popular bearish sign in the market. It has now moved below the 50-period moving average.
The Pi Network price is likely to experience a bearish downturn soon. The most likely scenario is that it drops below the psychological point at $1 ahead of Pi Day. Thus, it is unlikely that the Pi coin price will reach the value of $3.14, which is about 121% above the current level.
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